(Bloomberg) -- JPMorgan Chase paid more than $300 million a year ago to resolve regulators' claims that the bank had failed to tell wealthy clients it was steering them into its own funds. Now it may have unfinished business with the Internal Revenue Service.
The bank, in its settlement with securities and commodities regulators, admitted to the disclosure lapses, which it said were unintentional, and promised to be more transparent. A whistle-blower now claims that JPMorgan's misdeeds went beyond a failure to disclose. Because a portion of clients' money was in tax-advantaged pension funds, the whistle-blower says, the bank also ran afoul of IRS rules and shirked its fiduciary responsibility by favoring its own funds.