JPMorgan Chase finalizes deal with DOJ

Will pay $13 billion to close a number of civil probes

After months of tense negotiations, on Nov. 19, the Department of Justice (DOJ) announced that it has accepted a settlement with JPMorgan Chase that will close a number of investigations into the shaky mortgages the bank sold at the onset of the financial crisis. The $13 billion dollar figure is the largest amount that any corporation has ever paid to the federal government.

The deal will resolve federal and state civil claims that were the result of “the packaging, marketing, sale and issuance of residential mortgage-backed securities (RMBS) by JPMorgan, Bear Stearns and Washington Mutual prior to Jan. 1, 2009,” says the DOJ announcement.

Executive Editor

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Chris DiMarco

Chris DiMarco, Executive Editor of InsideCounsel magazine, has a background in multimedia production with previous involvement in projects in which he developed and created content...

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