Sat, Aug 30, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

JP Morgan to pay $13bn in settlement with DoJ over mortgages

Wednesday, November 20, 2013

Bailey McCann, Opalesque New York:

The details of a $13bn settlement agreed to by the US government and JP Morgan over mortgage misconduct leading to the financial crisis of 2008 were announced today. The settlement amounts to the largest sum ever paid by a single company to the government and includes a variety of additional non-monetary concessions that JP Morgan will have to make to account for its involvement in the mortgage crisis. The settlement comes on the heels of a number of others involving mortgages, as well as several high profile insider trading cases which have also seen historic settlement figures indicating officials may finally be putting some teeth behind their misconduct charges.

Wall street regulators and the Department of Justice have come under fire from critics who say that failure to take cases to trial and a clear preference for settlements, makes it easier for financial firms to flout the law. If the JP Morgan case is a framework for prosecutions going forward, not only the size of settlement fees but the additional concessions may make financial services firms think twice about violating the rules.

Concessions in the settlement include agreeing to a statement of fact about the misconduct and also bar the company from attempting to recoup settlement fees through the FDIC. According to the DoJ, in the statement of facts JPMorga......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Study shows what resonates with investors: 'Unwavering', 'passionate' beats 'committed', 'dedicated' and more surprises[more]

    Komfie Manalo, Opalesque Asia: A new study by Pershing Square, a unit of BNY Mellon company, showed that an effective value proposition strengthens audience connections and fosters growth, yet many advisors have had little objective guidance in formulating such statements until now. In the

  2. Comment – Why you should avoid the hottest hedge fund hands, Swedroe attacks Hussman over risk management, relative value strategy[more]

    Why you should avoid the hottest hedge fund hands FromCNBC/Yahoo.com: Investors who don't have money with Pershing Square Capital Management are likely salivating at the hedge fund's industry-leading 26 percent return from January through July. But investing with Bill Ackman and other to

  3. Hedge fund assets decline in July - eVestment[more]

    Bailey McCann, Opalesque New York: Total assets in hedge funds declined in July and dropped 0.49%, marking the industry's second monthly asset decline in 2014, according to the latest asset flows data from eVestment. Despite the asset decline, total industry AUM remained above the $3 trillion

  4. AIMA makes 'the case for hedge funds'[more]

    Bailey McCann, Opalesque New York: The Alternative Investment Management Association (AIMA), the global hedge fund industry body,

  5. Managed futures' global diversification is important in next phase of economic recovery[more]

    Komfie Manalo, Opalesque Asia: The global diversification provided by managed futures may prove to be extremely valuable as the markets enter the next phase of the economic recovery, said Campbell & Company, a pioneer in absolute return invest