On September 19, 2013, the SEC deemed it appropriate that cease-and-desist proceedings be instituted and determined to accept an Offer of Settlement that JPMorgan submitted.

On September 19, 2013, the SEC announced that it charged JPMorgan Chase & Co. ("JPMorgan") with misstating financial results and lacking effective internal controls to detect and prevent its traders from fraudulently overvaluing investments to conceal hundreds of millions of dollars in trading losses. According to the SEC's order instituting a settled administrative proceeding, JPMorgan has agreed to pay a $200 million penalty, admit the facts underlying the SEC's charges, and publicly acknowledge that it violated the federal securities laws. As part of a coordinated global settlement, three other agencies also entered into settlements with JPMorgan on the same day: the U.K. Financial Conduct Authority, the Federal Reserve, and the Office of the Comptroller of the Currency. JPMorgan will pay a total of approximately $920 million in penalties in these actions by the SEC and the other agencies.

On October 4, 2013, the SEC ordered that Damasco and Associates LLP be appointed Tax Administrator for the Qualified Settlement Fund in this proceeding.

On October 30, 2013, the SEC granted "the Division's request for an extension of time, until May 19, 2014, to submit a Proposed Plan of Distribution."

On March 5, 2014, the SEC ordered that a Fair Fund be established. JPMorgan Chase & Co. was previously required to "pay a civil money penalty in the amount of $200,000,000 to the Commission," which will be distributed through this Fair Fund.

On March 27, 2014, the SEC ordered that RCB Fund Services, LLC "is appointed as the fund administrator and shall obtain a bond in accordance with Rule 1150(c) in the amount of $200,000,000."

On May 16, 2014, the Commission granted the "Division's request for an extension of time, until September 30, 2014, to submit a Proposed Plan of Distribution."

On December 11, 2014, the SEC issued a Notice of Proposed Plan of Distribution and Opportunity for Comment.

The Division of Enforcement submitted its Proposed Plan of Distribution (the "Distribution Plan") to the Securities and Exchange Commission (the "Commission") pursuant to Rule 1101 of the Commission's Rules on Fair Fund and Disgorgement Plans. The Distribution Plan "proposes to utilize civil money penalties paid by JPMorgan Chase & Co. ('Respondent' or 'JPM') to compensate investors harmed when JPM failed to disclose accurately in public filings made with the Commission the true amount of trading losses it suffered in the first quarter of 2012, and the effectiveness of its disclosure controls and procedures."

On February 12, 2015, the SEC approved the Division of Enforcement's request that the Commission approve its proposed Distribution Plan. The request followed notice published on December 11, 2014 and a opportunity for comment.

The Division of Enforcement submitted its Plan for Distribution to the SEC. The Plan seeks to "utilize civil money penalties paid by JPMorgan Chase & Co. to compensate investors harmed when JPMorgan failed to disclose accurately in public filings made with the Commission the true amount of losses it suffered in the first quarter of 2012, and the effectiveness of its disclosure controls and procedures." Among the provisions of the plans: The appointment of RCB Fund Services, LLC as the fund plan administrator and Damasco & Associates, LLP as the Tax Administrator of the Fair Fund.

On June 30, 2017, the SEC announced a Name Change of Appointed Tax Administrator, and amended the Omnibus Order, beginning June 2017 and for calendar year 2018, to replace all references to Damasco with "Miller Kaplan Arase LLP which acquired Damasco & Associates LLP" in order to reflect Damasco's name change.

According to the SEC: "Accordingly, it is ORDERED that the Commission staff shall disburse $200,000,000 from the Fair Fund to Huntington National Bank and that the Fund Plan Administrator shall distribute such monies to investors as provided for in the Distribution Plan."

On November 5, 2018, the SEC issued an order stating: "Due to the compelling difference in cost, the staff has concluded that there is no need to require a bond greater than the funds now at risk. The staff has requested that the Commission set the bond amount that the administrator is required to have going forward to $8,221,768.00."

The Commission stated: "[I]t is ORDERED that: A. The Office of Financial Management shall transfer $1,166,112.10 in remaining funds held at the Commission to the Fair Fund’s escrow account at Huntington National Bank; and B. The Fund Administrator shall then disburse a total of $9,488,801.91 from the Fair Fund’s escrow account at Huntington National Bank for distribution to Eligible Claimants in accordance with the Plan."