JPMorgan Asks FCC OK to Again Directly Own Ligado Shares
Having pleaded guilty in 2015 to an antitrust charge and agreed to a $550 million fine (see 1507060031), JPMorgan Chase now is asking the FCC for OK to again have a stake in Ligado. In a docket 15-126 filing Thursday,…
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the investment bank said its stake in Ligado has been held in proxy as part of the FCC's approval of Ligado -- then LightSquared -- emerging from bankruptcy (see 1603170039), but the agency should decide the firm has the qualifications to hold interest in the company and let the proxy agreement expire. It said the foreign currency exchange spot market misconduct that was subject of its antitrust charge was unrelated to Ligado and there has been "significant remedial action" since then. Wiley Rein's Richard Wiley, a former FCC chair, signed the filing.