Nonprofit Sues To Block $13B JPMorgan Settlement

Law360, Washington (February 10, 2014, 2:54 PM EST) -- Nonprofit financial reform advocate Better Markets Inc. on Monday asked a D.C. federal court to nix the U.S. Department of Justice's $13 billion settlement with JPMorgan Chase & Co. over allegedly misleading mortgage-backed securities practices by the banking giant, claiming the agency didn't have the authority to enter the deal without court approval.

Better Markets blasted the DOJ for conducting a “backroom deal” with JPMorgan that exchanged $13 billion for sweeping civil immunity from future mortgage-backed securities claims, maintaining the agency had the duty to seek...
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