JP Morgan 'may pay record $13bn fine'

October 20, 2013 11:47

US banking giant JP Morgan is set for a record $13bn (8bn) fine to settle investigations into its mortgage-backed securities, US media reports say. A tentative deal is believed to have been reached in talks with senior US justice department officials.

The sale of overvalued mortgage-backed securities was blamed for the near-collapse of the banking system in 2007. Last month, JP Morgan was fined almost $1bn in a separate case over the "London Whale" trading debacle.

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