Some on Wall Street have portrayed JPMorgan Chase as a victim of government zealotry. The bank is close to striking a $13 billion settlement over mortgage practices — the largest sum a corporation has ever paid to resolve government investigations. Adding to the sense of injustice, the bank’s defenders say that JPMorgan is paying for the sins of two firms that it bought in the depths of the financial crisis, Bear Stearns and Washington Mutual.
But as details emerge, Wall Street’s fears of a largely punitive settlement may not add up.
‘Enforcement 40’ for 2020
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