Op risk data: JP fined $135m over depository receipts
Top five losses, plus review of Barclays whistleblower fine. Data by ORX News
In December’s largest loss, JP Morgan reached a $135.2 million settlement with the US Securities and Exchange Commission over allegations that the firm wrongly distributed pre-released American Depositary Receipts, or ADRs. These are equivalent shares of foreign companies that are traded in the US, with the original shares held by a custodian outside the US. Pre-released ADRs represent shares that have been issued but not yet delivered.
JP Morgan provided pre-released ADRs to brokers when neither
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