JPMorgan Agrees To $13B Mortgage Settlement

Law360, New York (November 19, 2013, 3:52 PM EST) -- JPMorgan Chase & Co. agreed to pay $13 billion to settle a host of federal government and state lawsuits alleging that the bank and its subsidiaries made false statements about the quality of mortgage-backed securities it sold prior to the financial crisis, the U.S. Department of Justice announced Tuesday.

The long-rumored $13 billion resolves all federal and state claims against JPMorgan, Bear Stearns and Washington Mutual Inc., two institutions that JPMorgan acquired after their financial crisis-era failures with government assistance. The settlement is the largest penalty...
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