LexisNexis® Legal Newsroom
JPMorgan Chase Reaches Record $13 Billion Mortgage-Backed Securities Settlement

JPMorgan Chase has reached a $13 billion settlement with regulators – the largest settlement with a single entity ever. The agreement resolves federal and state civil claims arising out of the packaging, marketing, sale, and issuance of residential mortgage-backed securities (RMBS) by JPMorgan...

3 Key Takeaways from the $13 Billion JPMorgan Settlement, and What It Means for the Future of Financial Fraud Cases

The record $13 billion mortgage-backed securities settlement that JPMorgan Chase just reached with federal and state regulators will be analyzed, reviewed, studied, and explored for quite some time to come. Here are three key takeaways the day after the settlement terms became final, focusing especially...

One Bank’s $4 Billion Litigation Loss Cuts All Banks’ Third Quarter Earnings. Can You Say JPMorgan Chase?

Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $36.0 billion in the third quarter of 2013. That’s a lot of money, but it also is a $1.5 billion (3.9 percent) decline from the $37.5 billion in profits that the...

8 Banks Fined $2.3 Billion by European Commission in ‘Shocking’ Interest Rate Scandal

The European Commission has fined eight international financial institutions – including Citigroup and JPMorgan Chase – a total of €1,712,468, 000 (approximately US$2.3 billion) for allegedly participating in illegal cartels in markets for financial derivatives covering the European...

The ‘B’ Word is #5 in Financial Fraud Law for the Year

Consider these recent financial fraud-related settlements: - SAC Capital Pleads Guilty to Insider Trading and Will Pay $1.8 Billion; - Johnson & Johnson to Pay More than $2.2 Billion to Resolve Criminal and Civil Investigations; - Rabobank Admits Wrongdoing in Libor Investigation, Agrees...

4 Keys to JPMorgan’s Expected Madoff Deal

Here are the four key elements of JPMorgan Chase’s likely settlement with federal prosecutors over charges against the bank relating to the Bernard Madoff Ponzi scheme: The bank will pay $2 billion to settle civil charges and criminal charges under the Bank Secrecy Act; A portion –...

JPMorgan’s $1.7 Billion Payment to Go to Madoff Victims

One of the very interesting aspects of the $2.05 billion settlement reached by J.P.Morgan Chase with federal prosecutors over the bank’s violation of the Bank Secrecy Act for failing to exercise proper oversight of Bernard Madoff’s business is what the government is planning to do with the...

A Pretty Good Couple of Days for Madoff Victims, Courtesy of JPMorgan

It has been a pretty good couple of days for Madoff victims. J.P.Morgan Chase reached a $2.05 billion settlement with federal prosecutors over its failure to properly exercise oversight of Bernard Madoff and his operations; $1.7 billion of that is expected to go directly to Madoff victims. And...

Do We Need a ‘Truth in Settlements Act’? Two Senators Say Yes

On the heels of J.P.Morgan Chase’s $2.05 billion settlement with federal prosecutors over its oversight of Bernard Madoff’s operations , U.S. Senators Elizabeth Warren (D-MA) and Tom Coburn (R-OK) have introduced bipartisan legislation, the “Truth in Settlements Act,” that they...

Jamie Dimon Got a Big Raise, and Elizabeth Warren Is Very Upset

What does JPMorgan Chase’s $13 billion settlement with the Justice Department have to do with the 74 percent raise it just gave to its CEO, Jamie Dimon? If you are Elizabeth Warren, a lot. The Massachusetts Senator is suggesting that Dimon received his raise for negotiating that settlement,...

If You Thought that JPMorgan Chase Was Finished Settling, Think Again. Now, It Pays $614 Million to Resolve More Mortgage Loan Charges

JPMorgan Chase has reached yet another settlement with federal prosecutors. Now, it will pay $614 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting non-compliant mortgage loans submitted for insurance coverage and guarantees by the Department...

Whistleblower to Receive $63.9 Million in JPMorgan Mortgage Loan Case

As readers of the Financial Fraud Law Report and the Financial Fraud Law Blog certainly recall, JPMorgan Chase settled a couple of big, big Madoff-related cases some weeks ago, reaching a $2.05 billion settlement with federal prosecutors over its failure to properly exercise oversight of Bernard Madoff...