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DOJ Reaches $13 Billion Settlement with J.P. Morgan Chase

October 23, 2013

J.P. Morgan Chase and the U.S. Department of Justice have reached a tentative $13 billion settlement over the bank’s mortgage practices during the lead-up to the financial crisis. If finalized, it would be a record penalty and would resolve an array of state and federal investigations into the bank’s sale of troubled mortgage investments. The mortgage instruments at issue, securities backed by subprime home loans, were at the heart of the financial crisis that nearly toppled the economy in 2008.

The $13 billion penalty would include about $9 billion in fines and $4 billion in relief for struggling homeowners. The penalty, if approved, would surpass other major Wall Street settlements and would represent the largest fine that a single company has ever paid in settling with the Justice Department.

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“Forest, once again, my family and I thank you for obtaining another settlement on behalf of my Father. It’s almost uncanny that these checks seem to come at very opportune times. This one comes as we are expecting our fourth grandchild. It will provide her some sound footing towards her future college education, plus help Mom and Dad with the medical expenses. Sometimes, I think my Dad is helping you guys with this. Maybe so. Anyway, thank you again for your hard work.”

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