Derivative Suit Filed Against JPMorgan Alleges Culture of Risk

By | Mortgage Crisis Watch | February 10, 2014
Derivative Suit Filed Against JPMorgan Alleges Culture of Risk

Adding to JPMorgan Chase’s widely publicized recent legal woes, shareholder Bradley P. Miller filed a derivative suit against the bank and its directors in California federal court on January 23, 2014, as a result of the $20 billion in fines the bank paid last year for nearly a decade’s worth of alleged wrongdoing.

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Two Big Takeaways from the Madoff – JPMorgan Compliance Settlement

By | Lawdable | January 9, 2014
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. 

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JPMorgan Chase Agrees to $13 Billion Settlement with Justice Department for Knowingly Selling Toxic Mortgage-Backed Securities

By | Mortgage Crisis Watch | November 21, 2013
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.

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Proposed Legislation Would Curb JP Morgan’s Potential Multi-Billion Dollar Tax Windfall

By | Mortgage Crisis Watch | November 19, 2013
Credit -  Digiart2001 | jason.kuffer

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.

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FHFA’s $5.1 Billion Settlements with J.P. Morgan Chase

By | Mortgage Crisis Watch | October 28, 2013
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.

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A Closer Look at JP Morgan’s $920 Million “London Whale” Regulatory Settlements

By | The D & O Diary | September 20, 2013
A Closer Look at JP Morgan’s $920 Million “London Whale” Regulatory Settlements

As part of its September 19, 2013 entry into a total of $920 million in regulatory settlements related to the “London Whale” trading loss debacle, and as part of the SEC’s new policy requiring admissions of wrongdoing in certain “egregious” cases, JP Morgan provided the SEC with an extensive set of factual admissions.

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