Company Overview of J.P. Morgan Securities LLC
J.P. Morgan Securities LLC offers security brokerage services. The firm provides cash and wealth management; stock and options management; and education and retirement planning services. Additionally, it offers margin and non-purpose loans and letters of credit. J.P. Morgan Securities LLC was formerly known as J.P. Morgan Securities Inc. The firm is based in New York, New York. J.P. Morgan Securities LLC operates as a subsidiary of JPMorgan Chase & Co.
383 Madison Avenue
New York, NY 10179
Key Executives for J.P. Morgan Securities LLC
Vice Chairman of Investment Banking for the Americas
Head of the Midwest Operations
Senior Vice President and Head of Business Development
Compensation as of Fiscal Year 2013.
J.P. Morgan Securities LLC Key Developments
JP Morgan and NCUA Settle for $1.4 Billion
Nov 19 13
The Department of Justice announced on November 19, 2013 a $1.417 billion settlement for the NCUA with JP Morgan over failed corporate credit union investments. The settlement resolves lawsuits the agency filed as liquidating agent against JPMorgan Chase, Bear Stearns and Washington Mutual for losses incurred by corporate credit unions as a result of the purchases of the faulty residential-backed mortgage securities. The NCUA portion is part of an overall $13 billion settlement with JP Morgan. Of the $13 billion resolution, $9 billion will be paid to settle federal and state civil claims by various entities related to RMBS. The NCUA sued JP Morgan Securities in June 2011 to recuperate more than $800 million in losses to corporate credit unions.
Space Coast Credit Union Resolves a Portion of CDO Lawsuit
Oct 18 13
Space Coast Credit Union confirmed that it has resolved part of a lawsuit it filed in March 2012 against two Wall Street banks involving collateralized debt obligations that were sold to the defunct Eastern Financial Florida Credit Union. In its complaint, Space Coast said the CDOs led to a phony demand for residential mortgage loans, which also led to creating one of the state's housing finance catastrophes. Space Coast also said in its suit that creating and selling CDOs revolved around shoe-horning residential mortgage securities into Moody's and S&P's credit rating models to generate investment grade ratings. Investors were misled because they relied on the credit ratings. Among the banks named in the Space Coast suit were Wells Fargo Securities, formerly known as Wachovia Capital Markets, J.P. Morgan Securities, formerly known as Bearn Stearns & Co. Inc., Merrill Lynch and its subsidiary, Merrill Lynch Home Loans, UBS Securities and State Street Corp., and Barclay's Capital Inc. Other defendants named were Richard S. Fuld Jr., former chairman/CEO of Lehman Brothers, and Moody's Investors Service Inc. Space Coast's resolution of the suit against Barclays and State Street comes after the credit union was allowed to amend its complaint in March to include several claims of fraud and unjust enrichment. In July, the defendant banks and rating firms sought to have the suit dismissed. The credit union's suit against the other banks is still pending.
J.P. Morgan Securities LLC Acts as Dealer Manager for Plastipak Holdings Tender Offer
Oct 9 13
JP Morgan Securities LLC is acting as dealer manager for Plastipak Holdings Inc.'s tender offer to purchase for cash any and all of its outstanding 10.625% senior notes due 2019. The firm plans to exercise the early purchase option in respect of its previously announced offer. The consent payment deadline for the Offer expired at 5:00 pm ET on October 4, 2013.
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