JPMorgan Chase & Co. knew federal authorities were investigating the largest drug-testing lab in the U.S.
But the New York-based bank didn't share that information about Millennium Health LLC with the people who were about to lend the company $1.8 billion in April 2014 because Millennium said it wasn't material, according to a person with direct knowledge of the matter.
In most markets, such an omission would be regarded as unethical or worse. But JPMorgan was playing in the $800 billion market for leveraged loans, where just about anything goes — and often does.
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