JPMORGAN CHASE & CO.: JPMorgan to pay $1.9 million over auction-rate sales

April 29, 2012  by in UnCategorized   

By Aggregated Content in on April 30, 2012 from http://c.moreover.com/click/here.pl?z6394453675&z=1250249029 (Reuters) - Securities regulators ordered JPMorgan Securities LLC, a unit of JPMorgan Chase & Co, to pay a client $1.9 million in damages related to sales of auction-rate securities, a fraction of what the client had sought. Ashley Furniture Industries, a manufacturer based in Arcadia, Wisconsin, had claimed $26.7 million in actual damages and asked for an equal amount in punitive damages. An arbitration panel of the Financial Industry Regulatory Authority awarded Ashley just $1.9 million in compensatory damages and required both parties to bear their own arbitration expenses. The FINRA panel, as is customary, offered no explanation for

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