JPMorgan strikes a deal with DoJ
October 21 , 2013
JPMorgan has stuck a $13B deal with the Department of Justice in order to settle its civil investigations into the bad mortgage loans that it had sold to investors prior to the financial crisis.
The negotiations had been obstructed since the bank wanted the deal to also end the criminal prosecution but Eric holder said that wouldn't happen.
In fact, the deal requires the bank to cooperate with the criminal investigation; government penalties in the settlement will amount to $9B in addition to $4B for consumers.
Although, some details are still not decided yet, this could be the largest settlement by the US government with any single company.