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February 11, 2014

Nonprofit Challenges U.S. Settlement With J.P. Morgan

“A nonprofit is taking on the Justice Department and Attorney General Eric Holder for a landmark settlement they crafted last November with J.P. Morgan Chase.

“Better Markets, an organization focused on financial reform, Monday filed a complaint in a federal court in Washington that challenges the $13 billion agreement, which settles a number of investigations and lawsuits the bank faced over soured mortgage bonds issued before the financial crisis.

“In the complaint, Better Markets says it is “challenging the validity” of the agreement that was “never reviewed or approved by any court.”

“The Washington, D.C., nonprofit claims the Justice Department “violated the separation of powers doctrine” and “acted in excess of its statutory authority.”

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Read full Wall Street Journal article here

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