The Office of Comptroller of the Currency warned JPMorgan Chase (JPM) early last year that the bank had wrongfully steered clients into in-house investment products, according to a person with direct knowledge of the agency's findings.
OCC examiners concluded that the bank failed to comply in late 2011 with restrictions on sales of in-house financial products and its obligations to retirement plan investors under the Employee Retirement Income Security Act, according to this person, who spoke on condition of anonymity. As a result of its findings, the OCC required JPMorgan Chase to refund fees to an unknown number of customers.
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