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J.P. Morgan Reaches $4.5 Billion Settlement With Investors
Keywords:
JP Morgan agrees to a legal settlement of $4.5 billion for losses to investors from toxic mortgage securities sold by Washington Mutual and Bear Stearns. JP Morgan acquired the two financial institutions following the 2008 financial crisis. The investor group includes Black Rock Inc, Allianz's PIMCO, MetLife, and Goldman Sachs. The same group of institutional investors settled with Bank of America for $8.5 billion. JP Morgan has set aside $23 billion at the end of the third quarter for legal losses. The settlements now are at about $20 billion. A private suit by Deutsche Bank National Trust Company representing 100 trusts for poorly perfoming bonds sold by Washington Mutual, and seeking $10 billion is still pending. The FDIC is arguing that JP Morgan is liable because it inherited the liabilities when it acquired Washington Mutual. JP Morgan says the acquisition was made as part of a government arranged acquisition at the height of the 2008 financial crisis. It says the FDIC receivership that took Washington Mutual's assets when it failed in September 2008 should pay for any claims related to misrepresentation and false promises for the bonds.
Growing legal settlement losses at JP Morgan in 2013-2014
08/19/2013
About $6.8 billion in legal losses at J.P. Morgan above that set aside by the bank, according to one estimate. Six separate regulatory actions are faced by JP Morgan Chase bank in 2013. This is larger than other banks.
Grouped Articles
Regulatory Headaches Worsen for J.P. Morgan
Wall Street Journal 08/19/2013
'London Whale' Penalties Put at $500 Million to $600 Million
Wall Street Journal 08/28/2013
Embattled J.P. Morgan Bulks Up Oversight
Wall Street Journal 09/13/2013
JP Morgan Reported Third Quarter Loss on Legal Costs
New York Times 10/11/2013
J.P. Morgan Reaches $13 Billion Tentative Deal with Justice Department
Wall Street Journal 10/20/2013
J.P. Morgan, Housing Regulator Reach $4 Billion Deal
Wall Street Journal 10/20/2013
JP Morgan's mortgage business and U.S. government regulators
10/28/2013
Grouped Articles
J.P. Morgan's Mortgage Troubles Ran Deep
Wall Street Journal 10/28/2013
JPMorgan Chase CEO Jamie Dimon’s complicated relationship with Washington - The Washington Post
Washington Post 11/03/2013
J.P. Morgan Reaches $4.5 Billion Settlement With Investors
Wall Street Journal 11/17/2013
J.P. Morgan Is Haunted by a 2006 Decision on Mortgages
Wall Street Journal 11/20/2013
Bear Stearns collapse and takeover by JP Morgan
03/17/2008
The collapse of bear Stearns and the takeover by JP Morgan with the Fed' backing. On March 18, 2008 speculation about Lehman being next.
Grouped Articles
Inside the End of the U.S. Bid to Punish Lehmann Executives
New York Times 09/08/2013
Hedge Funds Are Among the Winners of the Lehman Spoils
Wall Street Journal 09/13/2013
Lehman Struggles To Shore Up Confidence
Wall Street Journal 09/11/2008
After a Financial Flood, Pipes Are Still Broken
New York Times 09/14/2013
Record Pact Is on the Table, But J.P. Morgan Faces Fight
Wall Street Journal 10/21/2013
Considering the Fairness of JP Morgan's Deal
New York Times 10/21/2013
Attorneys General Coakley, Cordray, Madigan, and legal action against large U.S. financial institutions.
01/20/2010
Lawsuits by states against U.S. banks on behalf of homeowners with mortgages and others who suffered losses.
Grouped Articles
Vote Ushers In New Era in Oversight of Lending Practices
New York Times 07/16/2013
J.P. Morgan Reaches $4.5 Billion Settlement With Investors
Wall Street Journal 11/17/2013
Ohio Attorney General Takes Strong Stand on Crisis
New York Times 10/11/2010
State Attorneys General Take Helm in Mortgage Mess
New York Times 10/29/2010
How the Banks Put the Economy Underwater
New York Times 10/30/2010
Bank Challenger Picked to Run Consumer Agency
Wall Street Journal 07/18/2011
Washington Mutual (WaMu) and toxic mortgages- 2008-2014
04/01/2009
Grouped Articles
J.P. Morgan Reaches $4.5 Billion Settlement With Investors
Wall Street Journal 11/17/2013
New York Times 04/01/2009
Questions about the fairness of the U.S. Justice Department's $13 billion settlement with JP Morgan Chase bank
10/21/2013
Grouped Articles
Considering the Fairness of JP Morgan's Deal
New York Times 10/21/2013
A $13 Billion Reminder of Whatâs Wrong
New York Times 10/26/2013
J.P. Morgan Reaches $4.5 Billion Settlement With Investors
Wall Street Journal 11/17/2013
J.P. Morgan, U.S. Reach Historic Settlement
Wall Street Journal 11/19/2013
J.P. Morgan Is Haunted by a 2006 Decision on Mortgages
Wall Street Journal 11/20/2013
Banks Keep their Mortgage Litigation Reserves a Secret
New York Times 01/16/2014
FDIC investigation of Washington Mutual (WaMu)
01/05/2009
A lawsuit is filed by the FDIC against 2 WaMu executives and their wives for their role in the mortgage crisis.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
J.P. Morgan Reaches $4.5 Billion Settlement With Investors
Wall Street Journal 11/17/2013
New York Times 04/01/2009
FDIC Sues WaMu Executives, and Wives
Wall Street Journal 03/18/2011
New York Times 08/22/2011
Fannie and Freddie don’t deserve blame for bubble - The Washington Post
Washington Post 01/28/2012
National Credit Union Administration in the U.S. is suing J.P. Morgan Chase and Royal Bank of Scotland (RBS) for mortgage losses
01/20/2009
The National Credit Union Administration (NCUA) suffered losses on $50 billion of morgage bonds after the failure of four large credit unions. The NCUA is suing banks for the losses suffered because of misleading information.
Grouped Articles
Regulatory Headaches Worsen for J.P. Morgan
Wall Street Journal 08/19/2013
J.P. Morgan Reaches $4.5 Billion Settlement With Investors
Wall Street Journal 11/17/2013
Legal Costs Set to Put RBS in the Red
Wall Street Journal 01/28/2014
Wall Street Journal 01/28/2014
Feds Sue Bankers Over Fall in Bonds
Wall Street Journal 06/21/2011
British Regulator Takes Partial Blame for R.B.S. Failure
New York Times 12/13/2011
The $26 billion U.S. mortgage settlement of Feb. 2012 between state attorneys general and the banks
02/09/2012
An estimated $17 billion of this would go to homeowners. Experts say this is good for the banks by reducing legal uncertainty and for attorneys general of states, but it is likely to do too little to significantly change the difficult situation in the housing market. This is because there is an estimated total of $700 billion in negative equity that 11 million homeowners under water have in the housing market, according to Capital Economics in London cited by Morgan Gretchenson in the New York Times, Feb. 12, 2012. The 17 billion is about 2.4% of this total.
Grouped Articles
J.P. Morgan Reaches $4.5 Billion Settlement With Investors
Wall Street Journal 11/17/2013
Banks Keep their Mortgage Litigation Reserves a Secret
New York Times 01/16/2014
Settlement Lifts Hopes For Housing Recovery
Wall Street Journal 02/10/2012
Q&A: What Homeowners Need to Know on the Deal
Wall Street Journal 02/10/2012
Wall Street Journal 02/09/2012
Banks Still Looking for Closure
Wall Street Journal 02/10/2012
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