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Pension plan raises $4B to pay for $2.6B in health benefits

The U.S. Securities and Exchange Commission is investigating the pension plan at JPMorgan Chase & Co. for allegedly misleading investors in the hopes of keeping them from losing more than $1.2 billion in their pension funds.

The SEC filed a criminal complaint Thursday with the U.N. human rights court in New York, accusing the investment fund of misleading investors by failing to disclose a $1 billion loss that occurred in January and not disclosing a $2 billion loss in October.JPMorgan says the pension fund, which is owned by JPMorgan Chase, did not intend to mislead investors.

The SEC is investigating whether the company violated securities laws by “abusing its position” to gain access to pension funds, the complaint said.

The JPMorgan Chase spokesman said the SEC is reviewing the complaint and is “reviewing the information contained in it.”

The complaint says the SEC’s civil rights investigation began after a former employee told the SEC she was informed of the $2 million loss in January 2016 and the $1 million loss the following month.

The complaint did not name the former employee.