JPMorgan Reaches Preliminary $13B Deal With Justice Department

Your News Companion by Ben Mathis-Lilley
Oct. 19 2013 4:30 PM

JPMorgan Reaches Preliminary $13B Deal With Justice Department

176509319
People walk by JP Morgan Chase & Company headquarters in New York

Photo by EMMANUEL DUNAND/AFP/Getty Images

JPMorgan Chase has reportedly reached a tentative $13 billion deal with the Justice Department to settle a number of investigations related to mortgage securities. Reuters, Bloomberg and the Wall Street Journal all report word from a source that the breakthrough in the negotiations was reached Friday night after a conversation between Attorney General Eric Holder and JPMorgan CEO Jamie Dimon. Details still need to be worked out, but if it’s completed it would mark “the largest settlement the U.S. government has reached with a single company,” according to the Journal.

The preliminary deal wouldn’t close a continuing criminal investigation into the bank’s conduct, but it would include the $4 billion agreement that JPMorgan reached with the Federal Housing Finance Agency over the sale of mortgage-backed securities. Holder was reportedly insistent that the Justice Department would never agree to a release of potential criminal liability for the bank, according to Bloomberg. The deal is also likely to include a measure that forces the bank to cooperate with any criminal investigations.  

Daniel Politi has been contributing to Slate since 2004 and wrote the "Today's Papers" column from 2006 to 2009. You can follow him on Twitter @dpoliti.

TODAY IN SLATE

Foreigners

The World’s Politest Protesters

The Occupy Central demonstrators are courteous. That’s actually what makes them so dangerous.

The Religious Right Is Not Happy With Republicans  

The XX Factor
Oct. 1 2014 4:58 PM The Religious Right Is Not Happy With Republicans  

How Did the Royals Win Despite Bunting So Many Times? Bunting Is a Terrible Strategy.

Catacombs Where You Can Stroll Down Hallways Lined With Corpses

Homeland Is Good Again! For Now.

Crime

Operation Backbone

How White Boy Rick, a legendary Detroit cocaine dealer, helped the FBI uncover brazen police corruption.

Music

How Even an Old Hipster Can Age Gracefully

On their new albums, Leonard Cohen, Robert Plant, and Loudon Wainwright III show three ways.

The One Fact About Ebola That Should Calm You: It Spreads Slowly

Piper Kerman on Why She Dressed Like a Hitchcock Heroine for Her Prison Sentencing

  News & Politics
Politics
Oct. 1 2014 7:26 PM Talking White Black people’s disdain for “proper English” and academic achievement is a myth.
  Business
Moneybox
Oct. 1 2014 2:16 PM Wall Street Tackles Chat Services, Shies Away From Diversity Issues 
  Life
Outward
Oct. 1 2014 6:02 PM Facebook Relaxes Its “Real Name” Policy; Drag Queens Celebrate
  Double X
The XX Factor
Oct. 1 2014 5:11 PM Celebrity Feminist Identification Has Reached Peak Meaninglessness
  Slate Plus
Behind the Scenes
Oct. 1 2014 3:24 PM Revelry (and Business) at Mohonk Photos and highlights from Slate’s annual retreat.
  Arts
Brow Beat
Oct. 1 2014 6:39 PM Spoiler Special: Transparent
  Technology
Future Tense
Oct. 1 2014 6:59 PM EU’s Next Digital Commissioner Thinks Keeping Nude Celeb Photos in the Cloud Is “Stupid”
  Health & Science
Science
Oct. 1 2014 4:03 PM Does the Earth Really Have a “Hum”? Yes, but probably not the one you’re thinking.
  Sports
Sports Nut
Oct. 1 2014 5:19 PM Bunt-a-Palooza! How bad was the Kansas City Royals’ bunt-all-the-time strategy in the American League wild-card game?