Investigations into JPMorgan end in $13 billion settlement

JPMORGAN Chase and the Department of Justice have tentatively agreed to a $13 billion civil settlement to resolve several investigations into the bank's mortgage securities business, according to a U.S. official familiar with the negotiations.

Mortgage-backed securities and related derivatives were a key cause of the financial crisis, saddling financial institutions with losses as the housing market cratered. If completed, the settlement would be substantially larger than any law enforcement officials have secured from a single institution in connection with the crisis.

The settlement includes $9 billion in fines and penalties and $4 billion in 'consumer relief,' including home loan modifications, the official said.

A federal criminal investigation based in Sacramento continues, and the deal does not include a non-prosecution agreement that JPMorgan Chase (JPM, Fortune 500) had originally insisted be part of the deal, the official said.

As the criminal case develops, JPMorgan Chase has agreed to assist in an investigation that is pursuing possible charges against individuals, the official told CNN.


Ballina's Riding for the Disabled turns 40

Ballina's Riding for the Disabled turns 40

The organisation has helped hundreds of people over the years

Skate parks closed for much-needed maintenance

Skate parks closed for much-needed maintenance

The work will be finished in time for popular skateboarding comp

Night works begin on The Coast Rd

Night works begin on The Coast Rd

Two new roundabouts and an underpass are being built