Sunday, September 29, 2013

J.P. Morgan Chief Dimon Meets With Holder - WSJ.com

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WASHINGTON—An unusual meeting Thursday between Attorney General Eric Holder and the chief executive of J.P. Morgan Chase & Co. could push the price tag of a potential settlement between the bank and the U.S. beyond $11 billion, according to people familiar with the discussions. James Dimon, accompanied by two of his top legal advisers, spent about 45 minutes with Mr. Holder discussing a potential deal to resolve outstanding probes of the bank's past work in mortgage-backed securities and settle potential criminal and civil charges against J.P. Morgan. Two people familiar with the discussions said Mr. Dimon had requested the meeting with Mr. Holder after the bank's attempt to strike a $3 billion settlement was rejected. On Monday night, the bank offered to pay that amount to settle civil and criminal probes of residential mortgage-backed securities that J.P. Morgan had issued before the financial crisis. Mr. Holder rejected the offer as insufficient, leading to the rapid increase in the size of a prospective settlement, as well as the number of outstanding inquiries being negotiated . . . . . . . .

J.P. Morgan Chief Dimon Meets With Holder - WSJ.com


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