JPMorgan Chase & Co. has resolved the last obstacles to a record $13 billion settlement of civil state and U.S. probes over the sale of mortgage bonds, clearing the way for a deal today after months of negotiations, two people briefed on the matter said.
JPMorgan Chase & Co. agreed to drop litigation against the Federal Deposit Insurance Corp. over some mortgage bonds sold by Washington Mutual Inc., clearing the way for a $9 billion accord with state and federal officials, two people briefed on the matter said.
An aspect of U.S. tax law is being criticized by some lawmakers and consumer groups concerned that it may be worth billions of dollars for JPMorgan Chase & Co in negotiations with the Department of Justice.
JPMorgan Chase & Co.’s tentative agreement to pay a record $13 billion to end civil claims over its sales of mortgage bonds, a deal that won’t absolve the bank of potential criminal liability, hasn’t shaken some investors’ faith in Chairman and Chief Executive Officer Jamie Dimon.
JPMorgan Chase & Co.’s record $13 billion deal to end U.S. probes of its mortgage-bond sales would free the nation’s largest bank from mounting civil disputes with the government while leaving a criminal inquiry unresolved.
The dollar rose from an eight-month low, while Treasuries fell and U.S. stocks closed little changed, as investors prepared for tomorrow’s employment data. The yen weakened after Japan’s exports trailed estimates, while oil slid below $100 a barrel as American inventories grew.
An instant-message group involving senior traders at banks including Barclays Plc, Citigroup Inc. and Royal Bank of Scotland Group Plc is being scrutinized by regulators investigating potential manipulation of the foreign- exchange market, four people with knowledge of the probe said.
The Obama administration won’t file a brief next week urging the U.S. Supreme Court to hear Argentina’s appeal in a clash with implications for tens of billions of dollars in defaulted debt, according to a Justice Department spokesman.
Democratic and Republican Senate leaders agreed on legislation to avoid a government shutdown and provide $2.65 billion in disaster aid without offsetting cuts elsewhere in the budget, a leadership aide said.