Home / Breaking News / JPMorgan Said to Have Reached $13 Billion U.S. Accord with DoJ

JPMorgan Said to Have Reached $13 Billion U.S. Accord with DoJ

Tom Schoenberg & Dawn Kopecki
October 19, 2013

JPMorgan Chase & Co. has reached a tentative resolution of all civil mortgage-bond related matters with the U.S. Department of Justice under which the nation’s largest bank will pay a record $13 billion, a person familiar with the settlement talks said.

The amount increased from $11 billion during negotiations last night, the person said. The deal includes $4 billion for unspecified consumer relief and $9 billion in fines and other payments, another person familiar with the matter said. The $9 billion includes a $4 billion accord with the Federal Housing Finance Agency over the bank’s sale of mortgage-backed securities.

The pact, which isn’t yet final, doesn’t include a release of potential criminal liability for the bank, at the insistence of U.S. Attorney General Eric Holder, the first person said. Holder told JPMorgan Chief Executive Officer Jamie Dimon during talks that such a release wouldn’t be forthcoming as part of any deal, said the person.

Read more


Check Also


‘376,000 people in relative poverty in Northern Ireland’

A new study reveals a rise in poverty in Northern Ireland in 2014 with the level going to 21%, up from 19% the previous year. The Households Below Average Income annual report was published on Thursday by the Department of Social Development and covers 2013-14. It shows 376,000 people remained on ...