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ARTICLE · 28 NOVEMBER 2013

State AGs In The News

Blank Rome
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States, Federal Government Reach Largest Settlement Against Single Entity in U.S. History

United StatesFinance and Banking
Bernard Nash
Bernard Nash
Divonne Smoyer
Divonne Smoyer
Alison K. Gary
Alison K. Gary
Bryan L. Mosca
Bryan L. Mosca
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HOT NEWS

States, Federal Government Reach Largest Settlement Against Single Entity in U.S. History

  • Federal and state governments will receive $13 billion from JP Morgan Chase in the largest settlement against a single entity in U.S. history. A $4 billion portion of the settlement will go toward consumer relief.
  • The settlement resolves federal and state allegations that JP Morgan, Bear Stearns, and Washington Mutual packaged, marketed, sold, and issued residential mortgage-backed securities (RMBS) that contributed to the financial crisis of 2008.
  • Under the settlement, JP Morgan admitted that it regularly misrepresented to RMBS investors that the mortgage loans in various securities complied with underwriting guidelines.

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