Hundreds of millions of dollars in mortgage-fraud settlements from JPMorgan Chase & Co. and other banks are providing a windfall to state attorneys general -- and creating a new class of political winners and losers.
JPMorgan Chase & Co. sued the Federal Deposit Insurance Corp. claiming the agency is responsible for more than $1 billion in liabilities faced by the company as a result of its 2008 takeover of Washington Mutual Inc.’s bank.
A decade after Sanford “Sandy” Weill stepped down as Citigroup Inc.’s chief executive officer amid a cascade of regulatory investigations and lawsuits, JPMorgan Chase & Co. CEO Jamie Dimon’s legal expenses are surpassing those of his one-time mentor.
The $2.5 billion of settlements reached in the London interbank offered rate rigging scandal are compelling banks to hand over information in the probe of a separate financial benchmark tied to interest-rate derivatives.
Challengers to Detroit’s bankruptcy suffered a setback when a federal judge rejected an argument by public pension-fund officials that a state court must rule on the validity of the case before hearings can begin.