Wednesday, November 20, 2013

JP Morgan in record $13bn settlement with US regulators

November 19, 2013

US bank JP Morgan has agreed to a record $13bn (£8bn) settlement with US regulators for misleading investors during the housing crisis.

cc0739ccf68e582cc9f11dbf7df49b39It 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.

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