Tentative $13B Deal With JPMorgan - 47 ABC - Delmarva's Choice

Tentative $13B Deal With JPMorgan

Posted: Updated:

WASHINGTON (AP) - A person familiar with negotiations between the federal government and JPMorgan Chase & Co. says the bank has tentatively agreed to pay $13 billion to settle allegations surrounding the quality of mortgage-backed securities it sold in the run-up to the 2008 financial crisis.

The person tells The Associated Press that the tentative settlement was negotiated Friday night. The person spoke on condition of anonymity because the deal has not been made final.

The person says the tentative agreement does not extend to a criminal investigation of the bank's conduct that is being handled by federal prosecutors in Sacramento, Calif.

The person says those negotiating the deal are Attorney General Eric Holder, Associate Attorney General Tony West, J.P. Morgan CEO Jamie Dimon and the bank's general counsel, Stephen Cutler.

 

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • ContestsMore>>

  • Teacher Who Makes A Difference

    Teacher Who Makes A Difference

    The WMDT 47 Teachers Who Make a Difference Contest is Sponsored by Accurate Optical: "Encouraging children of all ages to come in for an annual eye exam to help them see better in school." Each month weMore >>
    The WMDT 47 "Teachers Who Make a Difference" Sponsored by Accurate Optical Encouraging children of all ages to come in for an annual eye exam to help them see better in school.More >>
  • Free Tuition Contest

    Free Tuition Contest

  • Local NewsDelmarva HeadlinesMore>>

  • Grants Available For Vets, Minority Farmers In Va.

    Grants Available For Vets, Minority Farmers In Va.

    Thursday, July 31 2014 12:26 PM EDT2014-07-31 16:26:10 GMT
    RICHMOND, Va. (AP) - Grants are being made available for minority farmers and ranchers and military veteransMore >>
     RICHMOND, Va. (AP) - Grants are being made available for minority farmers and ranchers and military veteransMore >>
  • Delaware Woman Gets Prison Time For Embezzlement

    Delaware Woman Gets Prison Time For Embezzlement

    Thursday, July 31 2014 12:15 PM EDT2014-07-31 16:15:29 GMT
    WILMINGTON, Del. (AP) - A Delaware woman has been sentenced to a year in federal prison after pleading guilty to embezzling more than $350,000 from Discover Financial Services in New Castle.More >>
    WILMINGTON, Del. (AP) - A Delaware woman has been sentenced to a year in federal prison after pleading guilty to embezzling more than $350,000 from Discover Financial Services in New Castle.More >>
  • Rolex Passed Among Jurors In Ex-Va. Gov Trial

    Rolex Passed Among Jurors In Ex-Va. Gov Trial

    Thursday, July 31 2014 12:02 PM EDT2014-07-31 16:02:33 GMT
    RICHMOND, Va. (AP) - A key witness in the corruption trial of former Virginia Gov. Bob McDonnell testified that he made a mistake when he bought a Rolex watch for the governor at the first lady's request.More >>
    RICHMOND, Va. (AP) - A key witness in the corruption trial of former Virginia Gov. Bob McDonnell testified that he made a mistake when he bought a Rolex watch for the governor at the first lady's request.More >>
  • Most Popular StoriesMost Popular StoriesMore>>

  • Trimper's Amusements in OC May Face Lawsuit

    Trimper's Amusements in OC May Face Lawsuit

    Wednesday, July 30 2014 10:20 PM EDT2014-07-31 02:20:59 GMT
    OCEAN CITY, Md. - Trimper's Amusements in Ocean City may be facing a $1 million dollar personal injury lawsuit. 47 ABC reported on Sunday that Daily Record of Baltimore announced the lawsuit, but theMore >>
    OCEAN CITY, Md. - Trimper's Amusements in Ocean City may be facing a $1 million dollar personal injury lawsuit.More >>
  • Herd Control Achieved

    Herd Control Achieved

    Wednesday, July 30 2014 12:07 AM EDT2014-07-30 04:07:55 GMT
    BERLIN, Md.- Just about 20 years into its horse control program, the National Park Service on the Maryland side of Assateague Island, is claiming victory.More >>
    BERLIN, Md.- Just about 20 years into its horse control program, the National Park Service on the Maryland side of Assateague Island, is claiming victory.More >>
Powered by WorldNow
Powered by WorldNow All content © Copyright 2000 - 2014 WorldNow and WMDT. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.