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Truthmatters
http://www.bloomberg.com/news/2013-...ion-mortgage-deal-seen-as-lawsuit-shield.html
JPMorgan $13 Billion Mortgage Deal Seen as Lawsuit Shield
By Hugh Son, Zachary Tracer, Tom Schoenberg & Laurie Asseo - Nov 20, 2013 6:39 AM PT .
Nov. 19 (Bloomberg) -- New York Attorney General Eric Schneiderman speaks at a news conference about the $13 billion settlement between JPMorgan Chase & Co. and the U.S. Justice Department that ends probes into the bank's sale of mortgage bonds. (This report is an excerpt. Source: Bloomberg)
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JPMorgan, the biggest U.S. bank, sought to end one of the largest legal uncertainties it faced without providing fodder to private litigants. The firm is still the subject of Justice Department probes into its energy-trading business, recruiting practices in Asia and its relationship with Ponzi scheme operator Bernard Madoff.
“They’ve left themselves some wiggle room to say, ‘No we didn’t violate the law’,” said Peter Henning, a former federal prosecutor and Securities and Exchange Commission attorney who teaches law at Wayne State University in Detroit. “There is at least some acknowledgment that there were improprieties, but exactly what they were remains open, and certainly they can deny it in any specific case.”
JPMorgan $13 Billion Mortgage Deal Seen as Lawsuit Shield
By Hugh Son, Zachary Tracer, Tom Schoenberg & Laurie Asseo - Nov 20, 2013 6:39 AM PT .
Nov. 19 (Bloomberg) -- New York Attorney General Eric Schneiderman speaks at a news conference about the $13 billion settlement between JPMorgan Chase & Co. and the U.S. Justice Department that ends probes into the bank's sale of mortgage bonds. (This report is an excerpt. Source: Bloomberg)
.
JPMorgan, the biggest U.S. bank, sought to end one of the largest legal uncertainties it faced without providing fodder to private litigants. The firm is still the subject of Justice Department probes into its energy-trading business, recruiting practices in Asia and its relationship with Ponzi scheme operator Bernard Madoff.
“They’ve left themselves some wiggle room to say, ‘No we didn’t violate the law’,” said Peter Henning, a former federal prosecutor and Securities and Exchange Commission attorney who teaches law at Wayne State University in Detroit. “There is at least some acknowledgment that there were improprieties, but exactly what they were remains open, and certainly they can deny it in any specific case.”