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CU System
JPMorgan Reaches $13 Billion Deal With U.S. Justice Department
NEW YORK (10/22/13)--JP Morgan Chase has reached $13 billion settlement agreement with the U.S. Justice Department to settle charges that it sold low-quality mortgage-backed securities sold in the run-up to the 2008 financial crisis.
 
The provisional agreement does not include a criminal investigation of the bank's conduct. The agreement includes $4 billion in relief for unspecified consumers and $9 billion in payments and fines, according to another person briefed on the terms (Bloomberg Oct. 21).  The payouts would cover a $4 billion accord with the Federal Housing Finance Agency over the bank's sale of mortgage-backed securities
 
The bank is expected cooperate in criminal inquiries of individuals involved in the conduct at issue as part of the deal, Bloomberg reported.
 
The broad outline of the deal was reached Friday in a telephone call among U.S. Attorney General Eric Holder, JP Morgan CEO Jamie Dimon, JPMorgan General Counsel Stephen Cutler and Associate U.S. Attorney General Tony West. The details of the agreement are still being negotiated.
 
The settlement would represent more than half of JPMorgan's record $21.3 billion profit last year, the article said.
 
JP Morgan, the largest U.S. bank, has run into troubled with multiple federal regulators and authorities in several states and foreign countries over large trading losses, poor risk controls and probes into whether it manipulated financial markets.


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