JPMorgan to Pay $13 Billion, Largest Corporate Settlement in History, for Mortgage Charges
The Justice Department has just officially announced the largest settlement with a single entity in American history. The settlement, between JPMorgan and the Department of Justice (DOJ) will total $13 billion and resolves many outstanding allegations that stood against JPMorgan. The settlement does not relieve the firm from potential criminal charges. “Without a doubt, the conduct uncovered in this investigation helped sow the seeds of the mortgage meltdown,” said Attorney General Eric Holder in a statement. “While many will hope that this settlement serves as a ‘shot-across-the-bow’ to these investment firms,” commented Peter Mougey, a shareholder with the Levin,...
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