New York Times; September 24, 2013
JPMorgan Chase paid $1 billion last week to resolve a number of government investigations, but the bank’s biggest battles with federal authorities may lie ahead, Ben Protess and Jessica Silver-Greenberg report in DealBook.
JPMorgan is bracing for a lawsuit from federal prosecutors in California who suspect the bank sold shoddy mortgage securities to investors before the financial crisis, people briefed on the matter said. The case, expected as soon as Tuesday, could foreshadow more government actions. Federal prosecutors in Philadelphia are also investigating JPMorgan’s sale of mortgage securities, the people briefed on the matter said.
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