JPMorgan Faces A Criminal And Civil Justice Department Probe Over Mortgage-Backed Securities
In a quarterly regulatory filing, the bank said a civil division of the US attorney's office has "preliminarily concluded" that JPM violated federal laws when it hawked subprime securities from 2005 to 2007.
There's also a parallel criminal inquiry "in a more preliminary stage," according to DealBook.
A representative from JPMorgan declined to comment.
Another massive problem for JPM here is that the
The move comes at a time when the Obama administration is ratcheting up efforts to bring America's banks to court over dangerous practices during the run-up to the financial crisis.
On Tuesday, the Justice Department and the SEC accused JPM's contemporary, Bank of America, of similar transgressions — exaggerating the quality of the mortgage loan pool backing $850 million in securities.
JPM, the largest U.S. bank by assets, recently ran afoul of energy regulators over alleged market manipulation. The bank agreed to a $410 million settlement.
- A teenager accidentally hits the accelerator pedal, and a five-year-old boy loses his life in a tragic incident in Bengaluru
- Amid growing political uncertainty in Pakistan, IMF expresses concern over its financial stability
- OPINION: Balancing act or pure jugglery — navigating professional challenges as a working mother
- OPINION: Ecofeminism — a diversified perspective on Mother’s Day
- Inflation data, Q4 earnings, global trends to drive stock markets this week: Analysts
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market