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JPMorgan Chase will pay $4 billion fine over junk mortgages

JPMorgan Chase will pay $4 billion to settle allegations that it sold billions of dollars worth of bottom-quality mortgages to state housing finance companies, the Wall Street Journal said Friday. The Journal said JPMorgan had reached a deal to settle the charges that it overstated the quality of the mortgages…

JPMorgan Chase offers Justice Department a $3 billion settlement

JPMorgan Chase has offered to pay about $3 billion to settle an array of pending Justice Department probes, The Wall Street Journal reported Tuesday, citing a person familiar with the discussions. The Justice Department argued JPMorgan would need to pay billions above the $3 billion offer to settle the cases,…

JPMorgan to pay $920 million fine for trading violations

Banking giant JPMorgan Chase agreed Thursday to pay $920 million in fines to US and British regulators over actions involved in last year’s “London whale” trading debacle. “JPMorgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses,” the US Securities and…

J.P. Morgan’s practice of hiring Chinese elite’s children to win favors sparks SEC investigation

AFP – The United States is investigating JPMorgan over its hiring practices in China, the company confirmed Sunday. The New York Times had earlier reported that the investment bank was under investigation over claims it hired the children of influential Chinese officials to secure business in the country. “We publicly…

JPMorgan faces both criminal and civil investigations over mortgages

(Reuters) – JPMorgan Chase & Co, the biggest U.S. bank by assets, said on Wednesday it is being investigated by civil and criminal divisions of the U.S. Department of Justice over offerings of mortgage-backed securities. The civil division gave the company a notice in May that it had preliminarily concluded…

California sues JPMorgan for allegedly harassing credit card customers

The US state of California filed suit Thursday against JPMorgan Chase, accusing the Wall Street bank of illegally abusing credit-card customers and misusing the court system to harass them with lawsuits. California Attorney General Kamala Harris filed the suit in Los Angeles Superior Court, alleging the bank “committed debt collection…

‘Occupy Lexington Kentucky’ protests in front of JPMorgan Chase

A small group of demonstrators on Thursday joined in solidarity with the “Occupy Wall Street” protesters by assembling outside a JPMorgan Chase bank in Lexington, Kentucky. “We are union members, students, teachers, veterans, families, the unemployed and underemployed,” the group said. “We are all races, sexes and creeds. We are…

Washington Mutual shareholders win $208 million

WASHINGTON (AFP) – Former Washington Mutual executives have agreed to pay $208.5 million to settle a lawsuit launched by a group of investors after the bank’s failure in 2008, the largest ever of its kind. The bank leaders, among them former Washington Mutual chairman Kerry Killinger, ex-chief operating officer Stephen…

Obama chooses JPMorgan exec. William Daley as new chief of staff

JPMorgan Chase & Co. executive and former commerce secretary William Daley was chosen Thursday to be President Obama’s new White House chief of staff, according to published reports. Sixty-two year old Daley is brother of outgoing Chicago major Richard Daley and has close ties to former White House chief of…

Obama’s leading contender for chief of staff is JPMorgan exec

An executive of JPMorgan Chase & Co with close ties to President Barack Obama’s inner circle has shot to the top of the list for next White House chief of staff, according to news reports. Bloomberg reported Monday that William Daley, who serves on JPMorgan’s Executive Committee in charge of…

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