Securities

JPMorgan says settlement clears most liability in mortgage crisis

JPMorgan says settlement clears most liability in mortgage crisis

JPMorgan Chase & Co. said the $13 billion settlement it reached with the Justice Department, state attorneys general and other agencies erased most of its potential liability in the sale of faulty mortgage investments that fueled the 2008 financial crisis.

"Today’s settlement resolves actual and potential civil claims by the Department of Justice, several state attorneys general, the Federal Deposit Insurance Corp., the National Credit Union Administration and the Federal Housing Finance Agency relating to residential mortgage-backed securities activities by JPMorgan Chase, Bear Stearns and Washington Mutual," the company said in a news release.

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