JPMorgan reaches $4.5 billion settlement with mortgage investors - Nov. 15, 2013JPMorgan announced a $4.5 billion settlement Friday with institutional investors who suffered losses on mortgage securities purchased from the bank in the run-up to the financial crisis.
The deal resolves one of JPMorgan's many legal headaches in connection with securities tied to risky mortgages it allegedly sold while misrepresenting their quality. The bank called it "another important step" in addressing these issues.
Imagine that. A bank offering up $4.5 billion voluntarily without admitting any wrong doing. Someone wants to get this story squashed pretty bad.
That is probably only 10% of what they made in the scam.