JP Morgan set for a record $13bn fine

Sunday, 20 October 2013 - 8:21

JP+Morgan+set+for+a+record+%2413bn+fine

US banking giant JP Morgan is set for a record $13bn (£8bn) fine to settle investigations into its mortgage-backed securities, US media reports say.

 

A tentative deal is believed to have been reached in talks with senior US justice department officials.

 

The sale of overvalued mortgage-backed securities was blamed for the near-collapse of the banking system in 2007.



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