描述
From at least January 2010 through December 2015 (the “Relevant Period”), JPMS disadvantaged certain retirement plan and charitable organization brokerage customers
who maintained accounts at JPMS (“Eligible Customers”)1
by failing to ascertain that they were eligible for a less expensive share class, and recommending and selling them more expensive share classes in certain open-end registered investment companies (“mutual funds”) when less expensive share classes were available. JPMS did so without disclosing that it would receive greater compensation from the Eligible Customers’ purchases of the more expensive share
classes. Eligible Customers did not have sufficient information to understand that JPMS had a conflict of interest resulting from compensation it received for selling the more expensive share classes. Specifically, JPMS recommended and sold these Eligible Customers Class A shares with an up-front sales charge, or Class B or Class C shares with a back-end contingent deferred sales charge (“CDSC”) (. For more info visit https://www.sec.gov/litigation/admin/2020/33-10741.pdf .
