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February 10, 2014

Better Markets Suit Challenges $13B J.P Morgan Chase Deal

“Investor advocacy group Better Markets filed suit Monday challenging J.P. Morgan Chase’s $13 billion settlement with the U.S. Justice Department over faulty mortgage deals in the run up to the financial crisis.

“Better Markets argues the deal lacks transparency and accountability, and that the agreement should be reviewed by a judge and all materials related to the settlement open for review by the public.

“The suit was filed in federal court in Washington, D.C.

“In addition, Better Markets criticizes the deal because it lets JPMorgan off the hook for any civil liabilities stemming from the allegations of fraud.

“The deal does not allow JPMorgan to avoid future criminal prosecutions that may arise from the charges.

“In a statement announcing the suit, Better Markets described JPMorgan as “the biggest, richest and most politically well-connected bank in the country.”

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Read full Fox Business article here

 
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