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February 10, 2014

Watchdog group sues over $13 billion JP Morgan Chase settlement

WASHINGTON, Feb. 10 (UPI) — Financial policy watchdog group Better Markets said Monday it was suing the U.S. Justice Department over a $13 billion settlement with JP Morgan Chase.

“The lawsuit filed in the nation’s capital challenges the department’s November 2013 settlement, described as the largest settlement ever made with a single company by a factor of 300 percent. The lawsuit the deal was made “with no judicial review or approval.”

“The Justice Department settled a case with the bank over improprieties and potential fraud that contributed to the 2008 financial crisis, which in turn was a contributing factor to the 2007-2009 recession.

“The Wall Street bailouts were bad enough, but now taxpayers are being forced to accept a secretive backroom deal that may well have been another sweetheart deal,” said the group’s President and Chief Executive Officer Dennis Kelleher in a statement.” p


Read full United Press International (UPI) article here


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