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Two Whistleblowers Awarded $50 Million In "Massive Enforcement Action" Against JPMorgan
The SEC today announced awards totaling $50 million to "two whistleblowers whose high-quality information assisted the agency in bringing a successful enforcement action." The whistleblowers provided information that helped the agency win a $267 million settlement with JPMorgan over claims that the bank failed to inform wealthy clients of conflicts of interest in managing their money. One of the whistleblowers will receive $13 million for reporting a tip to the SEC that led to a massive enforcement action charging J.P. Morgan. The second informant will receive $37 million, the third-biggest payout in the history of ... (full story)