Simpson Thacher & Bartlett client JPMorgan Chase agreed to pay $200 million in a pair of settlements with federal regulators Friday, admitting it failed to properly preserve employee messages.
The Securities and Exchange Commission accused a broker-dealer subsidiary of the bank called JPMorgan Securities of a “widespread and longstanding failure” to maintain and preserve employee text, email and WhatsApp messages, including among senior executives, related to the firm’s securities business. JPMorgan agreed to pay $125 million in the SEC settlement.
The issues of fraud and fraudulent billings continue to dominate national and local headlines. The state lost its federal Medicaid fraud unit funding for not aggressively pursuing falsified billin...