JPMorgan Chase to pay $250 million for failings in asset, wealth business

REUTERS

JPMorgan Chase & Co has agreed to pay $250 million for risk management and other control failings in its asset and wealth management business, a U.S. regulator said on Tuesday, in the second chunky penalty for the bank in less than two months.

The Office of the Comptroller of the Currency (OCC) said it found that JPMorgan’s risk management practices were “deficient and it lacked sufficient controls to avoid conflicts of interest.” read more »

OxyContin maker Purdue Pharma pleads guilty in criminal case

AP NEWS

Purdue Pharma pleaded guilty Tuesday to three criminal charges, formally admitting its role in an opioid epidemic that has contributed to hundreds of thousands of deaths over the past two decades.

In a virtual hearing with a federal judge in Newark, New Jersey, the OxyContin maker admitted impeding the U.S. Drug Enforcement Administration’s efforts to combat the addiction crisis. Purdue acknowledged that it had not maintained an effective program to prevent prescription drugs from being diverted to the black market, even though it had told the DEA it did have such a program, and that it provided misleading information to the agency as a way to boost company manufacturing quotas. read more »