CFTC Settles Charges Against JPMorgan Chase for “London Whale” Swaps

On October 16, CFTC brought and settled charges of employing a manipulative device in connection with the JPMorgan Chase trading of certain credit default swaps (CDS), in violation of the new Dodd-Frank prohibition against manipulative conduct.  JPMorgan admitted fault and will pay a $100 million civil penalty.  ReleaseOrder.