DOJ and JP Morgan Chase Nearing Agreement on $13B Mortgage Fraud Penalty

Numerous reports state that the U.S. Department of Justice and JPMorgan Chase are nearing agreement on a civil settlement requiring the bank to pay $13 billion in penalties, fines, and compensation for the bank’s involvement in mortgage fraud stemming from the financial panic of 2008. The amount reportedly breaks down into three categories.  First, there […]

JPMorgan Seeks Global Settlement with Department of Justice

JPMorgan Chase’s CEO Jaime Dimon met with Attorney General Eric Holder to discuss a settlement over improper mortgage practices by the bank.  JPMorgan’s current offer is the payment of $7 billion in fines and another $4 billion to relieve struggling homeowners.  The government apparently wants more that the proposed $7 billion in fines and penalties.  […]

JP Morgan Settles with Regulators for $920 Million over Trading Losses

JP Morgan has settled with regulators over multi-billion dollars in trading losses incurred by its London office about a year ago.  The bank agreed to the imposition of $920 million in fines.  The agreement is with a group of regulators that included the Office of the Comptroller of the Currency, the Securities and Exchange Commission, […]

Under New Policy, SEC Extracts Admission of Wrongdoing

According to an article published on The New York Times website, the Securities and Exchange Commission extracted an admission of wrongdoing for the first time in a high profile action. Philip A. Falcone, manager of the hedge fund Harbinger Capital Partners, will admit to wrongdoing in connection with market manipulation charges. The settlement will ban […]

JPMorgan Closely Monitoring Cioffi and Tannin Trial

Months before Lehman Brothers collapsed, Bank of America acquired Merrill Lynch, and the securities markets came to the precipice of disintegration, JPMorgan Chase acquired Bear Stearns. The acquisition took place in March 2008 for $10 per share. As is common in acquisitions through stock purchases, JPMorgan also acquired Bear Stearns’s potential liabilities including those arising […]