JPMorgan Chase & Co quietly paid $384 million to American Century Investment Management after losing an arbitration over alleged breaches related to the bank's purchase of a retirement plan services business.A panel of the American Arbitration Association said JPMorgan's asset management unit deliberately violated a contractual agreement tied to the 2003 purchase from American Century, by promoting its own funds at the expense of American Century funds.That JPMorgan unit had been overseen by Jes Staley, who now heads JPMorgan's investment banking operations. He is often mentioned by analysts as a possible successor to Jamie Dimon as chief executive of the largest U.S. bank."JPMorgan breached the contract over and over again," the arbitrators concluded in a 72-page decision. "Evidence that compels this finding and conclusion of the one-sided sales and marketing support given to JPMorgan Asset Management and its funds is voluminous."
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM fell by 1.04% or $-0.47/share to $44.65. In the past year, the shares have traded as low as $27.85 and as high as $47.80. On average, 33232100 shares of JPM exchange hands on a given day and today's volume is recorded at 27449774.
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