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Photo: Michael Brochstein/SOPA Images/LightRocket via Getty Images

JPMorgan will pay $920 million to settle charges that its commodity trading desk manipulated the market, allowing the bank to rake in millions of dollars in profits, the government alleged.

Why it matters: It's the largest fine ever imposed for a "spoofing" case — and a milestone for government efforts to clamp down on the trading tactic criminalized after the financial crisis.

What they're saying: JPMorgan's "illegal trading significantly benefited JPM and harmed other market participants," the Commodity Futures Trading Commission, a key regulator, said in a release announcing the penalty.

Details: The case alleged JPMorgan trading desks placed hundreds of thousands of orders for trades they intended to cancel. The orders flooded the silver, gold and other metals and treasuries markets and manipulated prices in a way that would later benefit the bank. This is known as spoofing.

  • JPMorgan admitted to wrongdoing, though no restrictions were placed on the bank for the misconduct.
  • Three agencies — the Justice Department, the Securities & Exchange Commission and the Commodity Futures Trading Commission — were involved in the probes.

Flashback: Prosecutors charged former JPMorgan traders one year ago for "widespread spoofing" that spanned nearly a decade.

  • Two traders have already pleaded guilty, while four others are fighting the charges.
  • In 2015, JPMorgan settled with the DOJ and Federal Reserve and paid a $550 million fine for its role in manipulating the foreign exchange markets.

Go deeper

Bank earnings soar again, even as their stock prices remain stagnant

Expand chart
Data: FactSet; Chart: Axios Visuals

JPMorgan, Goldman Sachs and Morgan Stanley all saw trading revenue rise more than 20% in the third quarter, with Morgan Stanley's earnings report Thursday showing profits jumped 25% from a year earlier to $2.72 billion and a 16% increase in revenue, which rose to $11.7 billion.

The big picture: Even after lackluster headline earnings from Bank of America and Wells Fargo, the five biggest U.S. investment banks are on pace to rake in $100 billion in trading revenue this year.

New York AG alleges "significant evidence" of Trump Organization fraud

Combination images of former President Trump and New York State Attorney General Letitia James. Photo: Al Drago/Bloomberg via Getty Images; Scott Heins/Getty Images

New York's attorney general filed a motion Tuesday seeking to compel former President Trump and his two elder children to appear for sworn testimony in her office's civil investigation into the Trump Organization's financial dealings.

Why it matters: Attorney General Letitia James revealed new details in the court filing and a statement on her office's investigation into the Trump Organization's business practices, including a preliminary finding alleging the company used "fraudulent and misleading asset valuations to obtain economic benefits."

2 hours ago - Technology

Ex-N.Y. Post digital chief files lawsuit alleging sexual harassment

Richard B. Levine) (Photo by Richard Levine/Corbis via Getty Images

Former New York Post editor Michelle Gotthelf is suing her former employer, its parent company News Corp. and two editors, alleging she was reprimanded after complaining to senior executives that she was sexually harassed by retired N.Y. Post editor-in-chief Col Allan. The N.Y. Post issued a statement denying any wrongdoing.

Why it matters: "I felt that I owed it to myself and I owed it to the news organization and the people who answered to me," Gotthelf, who was a long time editor at the N.Y. Post, told Axios in an interview.