Posts

Showing posts from February 11, 2014

Lawsuit Challenges Government’s $13 Billion Deal With JPMorgan

Image
See the original article here.
[Look up "chutzpah" in a Yiddish dictionary and Jamie Dimon's happy face will be smiling out at you. *RON*]
By BEN PROTESS

With a record $13 billion sticker price, the settlement deal between JPMorgan Chase and the government captured the attention of Wall Street and Washington late last year.

And yet, according to a lawsuit that a nonprofit group filed against the Justice Department on Monday, the crucial details of the deal were for the government’s eyes only. The lawsuit filed by Better Markets, a group critical of Wall Street, challenged the constitutionality of the deal, a landmark settlement stemming from accusations that JPMorgan overstated the quality of mortgage securities it sold before the financial crisis.