Categorized | Legal News

JPMorgan Owns Up to Its Mistakes – to the Tune of $614 Million

Financial giant JPMorgan has taken the next step in making amends to the American government and its people, by agreeing to pay $614 million in settlements. The bank acknowledged that its practices of approving ineligible Veterans Affairs and Federal Housing Administration loans violated the False Claims Act, and that they failed to disclose their internal review findings of more than 500 defective loans.
The complaint was originally filed in 2013, and was ordered to be unsealed by U.S. District Court Judge J. Paul Oetken on Tuesday, February 4th.
Though such a large some could be considered a major setback for any financial institution – even one worth billions – JPMorgan took the settlement in stride. According to Bloomberg News (2/5, Rosenblatt, Hurtado, 1.91M), the bank stated that “the settlement represents another significant step in the firm’s efforts to put historical mortgage-related issues behind it.”
The bank may have defrauded the government, but it’s doing the right thing and paying the country back. Let’s hope the other institutions take a lesson from JPMorgan’s playbook for the future.

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