Vunderkind
Social Member
The US bank, JP Morgan, has agreed to pay the large sum of $13bn to US regulators for misleading them during the housing crisis.
This will be the largest settlement between the US government and a corporation.
The bank admitted to making serious misrepresentations to the public, but insists that it didn't violate US laws.
The 13bn payout will be disbursed thus:
$4bn will go to the affected home owners.
$7bn will be used to cover the federal and state civil claims about misleading mortgage securities sold by JP Morgan. Some of the money will go to affected investors who lost money in the foray.
The remaining $2bn will be paid to the US government as fine.
Read more about the mortgage crisis here
