JP Morgan Chase Essay

Abstr human activityThe purpose of this paper is to discuss the effects of how JP Morgan give chase, the biggest U.S. coin bank, proclaimed trading losses from the decision make by its Chief investing Office in the amount of $5.8 billion. It depart also discuss actions interpreted by the Securities and counterchange Commission (SEC) for the misconduct on the part of JP Morgan Chase.Securities and Exchange Commission (SEC) Takes ActionI would like to begin by briefly explaining the purpose and mission of the U.S. Securities and Exchange Commission. The SEC was designed to protect investors, maintain, fair, orderly, and economic markets and to facilitate capital formation. The SEC requires public companies to disclose significant and substantive monetary information to the public in order to guarantee certification within the U.S. Federal prosecutors and the securities regulators filed charges against the Chief Investment Office (CIO) consisting of two JP Morgan Chase traders for the massive trade losses totaling $5.8 billion. The employees were charged with conspiracy, wire fraud, falsifying financial records and making false filings with the Securities and Exchange Commission. The Securities and Exchange Commission simultaneously filed a corresponding civil complaint in which the agency signaled it would hold the bank accountable for disclosing inaccurate information to investors about the trading.Elements of Valid Contract earnest Faith and Fair Dealing in Banking Relationships Chapter 7 of The Legal surround describes the element of what is contained in a valid contract. Every contract contains and implied bargain of good faith and fair dealing in its performance that imposes on each party a duty not to do anything that will deprive the other party of the benefits of the agreement. (The Legal Environment, (2013), p.190). I feel it is grand for both consumers and bank to ensure they are acting in ossification with good faith and fair dealing. Wi th complete understanding, the banks are ensuring they are doing everything indispensable to conduct business with its consumers. As long as banks act in accordance withthe terms of a contract or agreement, they should have genial with the covenant of good faith and fair dealing. learned and Negligent tort ActionsAn knowing tort transpires when an individual intentionally causes damage or stain to another(prenominal) person their property. Some examples are abuse, kidnapping or assault. A negligent tort transpires when an individual causes damage or injure to another without the intent to do so. An example of this would be a car cerebrovascular accident or if someone accidentally slips, falls and becomes injured. Interference with Contractual Relations, move in Breach of Fiduciary Duty The tort of hindernce with contractual relations protects the rights of a legally binding contract and requires the intent to interfere if such agreement has been breached. In the case of JP Morgan Chase I would be able to succeed based on the fact that the act of intentional tort action was carried out. The employees of JP Morgan Chase intentionally falsified financial records and committed the act of fraud. nurtureion of Online BankingIn todays world of online banking, the technology is evidently an amazing necessity. Wells Fargo, for instance has implemented firewalls, anti-malware defenses, password encryptions, application protection testing and activity monitoring. This provides a great deal of nourish to the consumer in ensuring their banking information and online account is protected. As an added measure, I feel banks should shorten that extra measure in continuing to be innovative by implementing new and diverse solutions to protect online banking.ReferencesMcKoy, Kevin, (2013) USA TodayBernstein, Harry, (2009). Negligence and Intentional Tort Law Douglas, Danielle, (2012). Banks Layer up on Security to Protect Customers. The Washington Post