Record Settlement Payments, Record Tax Deductions?

Law360, New York (December 13, 2013, 7:23 PM EST) -- At JPMorgan Chase & Co., you want record earnings and deals, not record settlement payments. But the nation's biggest bank with $2.4 trillion in assets just took the cake for the biggest and most painful settlement ever. The U.S. Justice Department concluded a settlement agreement with the bank in which JPMorgan Chase and its subsidiaries will dish out $13 billion to various government agencies and several states, the largest settlement payment to the government on record.

According to the Department of Justice release, $9 billion will settle various federal and state civil claims. The Justice Department will receive $2 billion to...

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