JPMorgan has struck a tentative $13 billion deal to resolve civil claims related to various alleged financial wrongdoings, including paying for homeowner mortgage relief, Bloomberg reports. U.S. Attorney General Eric Holder refuses to release the investment bank for any criminal liability. "The settlement would amount to more than half of JPMorgan’s record $21.3 billion profit last year, or 1.5 times what the firm’s corporate and investment bank set aside to pay employees during this year’s first nine months," Bloomberg also reports.
Bloomberg's data shows America's six largest banks have spent $100 billion in legal costs since the 2008 financial crisis.
Lawyer and Legal Journalist
