FINANCIAL TIMES: JPMorgan Chase has conceded it will take responsibility for the past misdeeds of Washington Mutual, according to people familiar with the matter, paving the way for the Department of Justice to announce the biggest ever settlement with a single company.
People close to the sometimes fractious talks over the US government’s investigation into mortgage securities mis-selling say that the DoJ is poised to announce a $13bn settlement with JPMorgan on Tuesday after the bank accepted it would not try to claim back part of the costs from the government-managed receivership of WaMu.
The settlement will resolve all civil government investigations into JPMorgan along with state attorneys-general in New York and California, and a lawsuit brought by the National Credit Union Administration, these people say. All parties are still finalising the precise terms but the biggest hurdle has been cleared, the people say… (more)
