JPMORGAN FAVORING OWN FUNDS OVER INVESTORS’ NEEDS

Brokers at JPMorgan were encouraged to sell customers JPMorgan’s own funds, even if there were more suitable or cheaper options for the customers, a Dealbook.com article reported. This is not the first time there has been issue with the company favoring its own funds. JPMorgan was ordered to pay $373 million for favoring its own funds in a 2011 arbitration, the article revealed. The Chase Strategic Portfolio is one of the funds at issue. According to the article, investors may not have “a clear sense” of what they are buying when they are being put into JPMorgan created funds.

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