Two Big Takeaways From the Madoff - JPMorgan Compliance Settlement On Tuesday, JP Morgan Chase (JPMC) and U.S. District Attorney Preet Bharaha announced a landmark settlement of claims arising from the fraudulent schemes perpetrated by Bernard Madoff. As reported in the New York Law Journal (subscription required), Bharaha took the opportunity to highlight the message that it should stand as a clear and critical message on reporting compliance for banks and as a harbinger of things to come.  View Full Post
JPMorgan Chase Agrees to $13 Billion Settlement with Justice Department for Knowingly Selling Toxic Mortgage-Backed Securities On Tuesday, the United States Justice Department announced that it finalized a settlement agreement with JPMorgan Chase for $13 billion. This settlement will resolve a multitude of state and federal investigations into JPMorgan Chase’s sale of residential mortgage-backed securities to investors between 2005 and 2008. View Full Post
Proposed Legislation Would Curb JP Morgan’s Potential Multi-Billion Dollar Tax Windfall Late last month, we commented on JP Morgan Chase’s $5.1 billion settlement with the Fair Housing Financing Agency (FHFA), as conservator of Fannie Mae and Freddie Mac. The Wall Street Journal has since reported that JP Morgan will be able to deduct that entire amount on its 2013 tax returns, allowing the company to reap a $1.5 billion tax windfall. View Full Post
FHFA’s $5.1 Billion Settlements With J.P. Morgan Chase On October 25, 2013, the Federal Housing Finance Agency (“FHFA”), as conservator of Fannie Mae and Freddie Mac, announced that it will receive settlement payments of $5.1 billion with J.P. Morgan Chase & Co. in connection with claims of alleged violations of federal and state securities laws related to private-label, residential mortgage-backed securities purchased by Fannie Mae and Freddie Mac. View Full Post