JPMorgan agrees to $13B settlement

JPMorgan Chase & Co. (NYSE:JPM) and the U.S. Justice Department agreed Tuesday to a $13 billion civil settlement tied to the bank’s risky mortgage practices associated with the recession-spurring real estate bubble.

The deal marks the largest sum a single company has ever paid to the government, according to the New York Times.

The agreement resolves several state and federal investigations into JPMorgan’s sale of troubled mortgage securities and business practices between 2005 and 2008. The bank drew the target of government investigation for allegedly not fully disclosing the risk of buying such securities. The agreement includes acknowledgements by JPMorgan of its wrongdoings.

Read more from the New York Times.

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