JP Morgan to pay $5.1bn to US over mortgage crash

Saturday 26 October 2013 08.15
JP Morgan to pay out $5.1bn over role in US housing and mortgage crash in 2007
JP Morgan to pay out $5.1bn over role in US housing and mortgage crash in 2007

The investment bank JP Morgan has agreed to pay $5.1bn over its sale of risky mortgage backed securities - a key factor in the collapse of the US housing market in 2007.

It is the biggest-ever settlement so far by a US bank.

A separate settlement with the US Justice Department is expected to be announced soon.

In a statement, JP Morgan said this latest deal resolves the biggest case against the firm relating to mortgage-backed securities.

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