Business digest: JPMorgan pays $100 million

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Posted: Thursday, October 17, 2013 12:00 am

JPMorgan Chase & Co. has agreed to pay a $100 million penalty and admitted that its traders acted “recklessly” during a series of London trades that ultimately cost the bank $6 billion. The settlement announced Wednesday by the Commodity Futures Trading Commission comes less than a month after JPMorgan, the nation’s largest bank, agreed to pay $920 million and admit fault in a deal with the Securities and Exchange Commission and other U.S. and British regulators. The agreement marks the first time the CFTC used a new legal authority from the 2010 financial overhaul law that is designed to prohibit reckless market conduct.

The Federal Reserve said economic growth slowed in a few key regions of the United States from September through early October, as businesses grew worried about a budget impasse that led to a partial government shutdown. Overall, the economy continued to expand at a “modest to moderate” pace, according to the Fed survey released Wednesday. Four of the Fed’s 12 banking districts — Philadelphia, Richmond, Chicago and Kansas City — said growth had slowed.

U.S. homebuilders are feeling less confident in the housing market. The National Association of Home Builders/Wells Fargo builder sentiment index released Wednesday fell to 55 this month. That’s down from a reading of 57 in September. Measures of current sales conditions for single-family homes, builders’ outlook over the next six months and traffic by prospective buyers all declined. The partial government shutdown has made it harder for some buyers to close on their mortgages.

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