Tuesday, September 16, 2014

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AP Sources: JPMorgan Chase Tentatively Agrees To $13B Settlement With DOJ

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TWC News: AP Sources: JPMorgan Chase Tentatively Agrees To $13B Settlement With DOJ
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Sources tell the Associated Press that JPMorgan Chase has tentatively agreed to a record $13 billion settlement with the U.S. Department of Justice.

The payout mostly stems from the government's contention that the bank did not properly warn investors of hefty risks associated with securities it hawked between 2005 and 2007, which were backed by subprime mortgages.

The settlement, if finalized, would not impact a separate and ongoing criminal probe into the bank's dealings.

JPMorgan will pay $9 billion in fines and penalties and set aside another $4 billion for impacted consumers.

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