JPMorgan offers to pay US$3 billion to settle Justice Dept. probes: report
AFPNEW YORK CITY--JPMorgan Chase has offered to pay about US$3 billion to settle an array of pending Justice Department probes, The Wall Street Journal reported Tuesday, citing a person familiar with the discussions.
September 26, 2013, 12:05 am TWN
The Justice Department argued JPMorgan would need to pay billions above the US$3 billion offer to settle the cases, according to the person.
The newspaper, citing people familiar with the matter, said that JPMorgan, the biggest U.S. bank by assets, and the Justice Department had expanded the settlement talks to include an array of cases.
It said it was unclear which of the more than half a dozen open Justice Department investigations into JPMorgan's conduct would be resolved by such an agreement.