December 26, 2018 / 9:44 PM / 10 months ago

JPMorgan to pay more than $135 mln for improper handling of ADRs

WASHINGTON, Dec 26 (Reuters) - JPMorgan Chase & Co will pay over $135 million to settle charges it mishandled so-called "pre-released" American Depositary Receipts (ADRS), the Securities and Exchange Commission announced on Wednesday.

The regulator said the investment bank improperly provided ADRs, which are U.S. securities that represent foreign shares of foreign companies, to brokers even though the brokers and their clients lacked the corresponding foreign shares.

The bank did not admit or deny the SEC's findings, but agreed to pay back ill-gotten gains and additional penalties, the SEC said.

JP Morgan declined to comment. (Reporting by Pete Schroeder; editing by Jonathan Oatis)

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