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JP Morgan's $13b settlement sets tone for other banks
The US Department's of Justice's victory over JP Morgan - involving a record-setting fine and acknowledgement of guilt - will give a sign to other banks about the kind of settlements they can expect.
The bank took the 'unusual step', according to Reuters, of accepting that its staff had sold loans that were unsafer than the bank had said. The settlement has come after several tense months, and still leaves the bank facing nine other government probes. US government lawyers had been close to filing a suit against the bank in September but held back when the bank urged them to begin negotiations for a settlement. Source: Reuters
