BREAKING: Justice, JPMorgan Strike $13 Billion Deal
This is a big deal — though the fine is a comparative slap on the wrist when factored against the sheer damage JPMorgan and Wall Street wreaked on the world economy.
JP Morgan Chase, the largest U.S. bank, has reached a tentative $13 billion deal with the Justice Department in a settlement of a wide-range of issues related to the sale of bad mortgages, according to several media reports.
The reports indicated that the record-high deal, if finalized, would not release the bank from potential criminal liability.
According the The Wall Street Journal:
A person familiar with the decision says the record settlement would cover outstanding investigations of the bank’s residential mortgage-backed securities business, but not a continuing criminal probe of the bank’s conduct.