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October 23, 2013

J.P. Morgan Faces Another Potential Huge Payout

Investors are seeking at least $5.75 billion from J.P. Morgan Chase  & Co. in a bid to recover losses from mortgage-backed securities sold to them before the financial crisis, said people familiar with the talks.

The group, which includes asset managers BlackRock Inc. and Neuberger Berman Group LLC, previously received an $8.5 billion settlement from Bank of America Corp. on similar claims.

The two sides have had on-and-off settlement discussions over the past year, said the people close to the talks. They met last week to hash out a possible deal, but no final terms have been agreed to, these people said. Kathy Patrick, a Houston lawyer with Gibbs & Bruns LLP who represents the investor group, declined to comment on any settlement talks.”

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Read full Wall Street Journal article here

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