“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
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