AP source: JPMorgan, gov't settle all issues
WASHINGTON (AP) — A person familiar with the talks says the Justice Department and JPMorgan Chase & Co. have settled all issues and could sign a $13 billion agreement as early as Tuesday. It would be the largest settlement ever reached between the government and a corporation.
The Associated Press' source spoke on condition of anonymity because the deal had not been finalized.
The deal is the latest chapter in the burst housing bubble, when JPMorgan and others among the nation's largest banks sold low-quality, mortgage-backed securities that collapsed in value. Investors were left with billions of dollars in losses.
In blunt criticism of those banks, the Justice Department's No. 2 official said Monday that too many financial institutions had failed in their duty to ensure that their businesses are run cleanly.