|Jamie Dimon, CEO of J.P. Morgan Chase snake charmer|
J.P. Morgan Chase settles with institutional investors for $4.5 billion in mortgage cases - DealBook //NY Times by Jessica Silver-Greenberg
The checks from JPMorgan Chase just keep on coming as the nation’s largest bank works to move beyond its mortgage-related troubles.
On Friday, JPMorgan reached a $4.5 billion settlement with a group of investors over claims that the bank sold them shaky mortgage-backed securities that imploded later, leading to large losses.
The multibillion-dollar payout is separate from the tentative $13 billion settlement that JPMorgan reached with the Justice Department over the bank’s questionable mortgage practices in the run-up to the financial crisis. That deal could be announced as early as next week, according to people briefed on the settlement.
The move on Friday to settle with the group, comprising 21 institutional investors, comes as JPMorgan and its chief executive, Jamie Dimon, work to mend frayed relationships in Washington and wrap up a number of investigations dogging the bank.