What: Join us to help push the city to stop banking at Chase!
Where: JP Morgan Chase Bank, Corner of Main St. and Clinton Ave.
When: Monday, October 8, 12 -1 PM
Why: Chase has been sanctioned over and over and just keeps doing the same things:
- In 2003, Chase paid $160 million in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorney’s office in connection with the collapse of Enron.
- In 2005, Chase paid $2.2 billion to settle a lawsuit filed by investors in Enron.
- Chase Bank, which helped underwrite $15.4 billion of WorldCom’s bonds before WorldCom collapsed, agreed in March 2005 to pay $2 billion to settle investor claims.
- In November 2009, JPMorgan Chase & Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission to end a probe into sales of derivatives that helped push Alabama’s most populous county to the brink of bankruptcy. The SEC alleged that J.P. Morgan, which had been chosen by the county commissioners to underwrite the floating-rate sewer bond deals and provide interest-rate swaps, had made undisclosed payments to close friends of the commissioners in exchange for the deal. J.P. Morgan then allegedly made up for the costs by charging higher interest rates on the swaps.
- In June 2010, J.P. Morgan Securities was fined a record £33.32 million ($49.12 million) by the UK Financial Services Authority (FSA) for failing to protect an average of £5.5 billion of clients’ money from 2002 to 2009
- In 2011, Chase settled charges regarding mortgage and foreclosure fraud (along with 4 other big banks) for $25 billion.
- In 2011, Chase settled Treasury Department charges of unlawfully laundering money for Iran, Cuba, Liberia and Sudan for $88 million. (There is also an ongoing Office of the Comptroller of the Currency investigation against Chase for money laundering in which charges are expected soon.)
- In April 2011, JPMorgan Chase admitted that it wrongly overcharged 6,000 military families for their mortgages, including active duty personnel in Afghanistan. The bank also admitted it improperly foreclosed on more than a dozen military families. Chase agreed to pay a total of $27 million in compensation to settle the class-action suit
- In 2012, Chase settled charges for $150 million brought by various pension funds to cover losses from toxic hedge fund investments that Chase made.
Come and show Rochester officials that we don’t want our tax dollars helping Chase Bank.
Contact: Jim Schmidt (585) 329-3053
Grania Marcus (917) 579-0199