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September 25, 2013

JPMorgan eyes $4bn ‘pay for peace’ deal

JPMorgan Chase is in talks to pay over $4bn in a “pay for peace” deal with US authorities to settle a host of allegations of wrongdoing in the mortgage securities market, according to people familiar with the matter.

The bank is pushing for one deal to settle all outstanding mortgage-related allegations from a state and federal task force. This includes a lawsuit from the New York attorney-general, as well as allegations from US attorneys’ offices in California and Pennsylvania and the justice department, that the bank mis-sold mortgage-backed securities.

California prosecutors had been expected to file a lawsuit on Tuesday. However, talks were revived to try to reach a settlement that would cover MBS underwritten by JPMorgan as well as Bear Stearns and Washington Mutual, which the bank acquired during the financial crisis.”

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Read full Financial Times article here

 
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