November 19, 2013
bank JP Morgan has agreed to a record $13bn (£8bn) settlement with US
regulators for misleading investors during the housing crisis.
It is the largest settlement ever between the US government and a corporation.
The bank acknowledged it made “serious misrepresentations to the public”, but said it did not violate US laws.
“We are pleased to have concluded this extensive agreement,” said JP Morgan boss Jaime Dimon in a statement.
About $4bn of the settlement is to go to homeowners hurt by JP Morgan’s practices.