Business & Tech
Massachusetts Getting $34 Million in JP Morgan Settlement
Money will pay fines, attorney fees, homeowners "hurt by questionable mortgages" and the Pension Reserves Investment Management Board.
More than $34 million is coming to Massachusetts as part of the $13 billion settlement between the Justice Department and JP Morgan Chase & Co.
The settlement involves “the firm’s sale of low-quality mortgage-backed securities that collapsed in value during the housing bust and helped spark the recent financial crisis,” reported The Boston Globe.
The settlement is the largest against a single company in US history and resolves federal and state civil claims against JP Morgan and two failing banks, Bear Stearns and Washington Mutual, in 2008.
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The $34 million in Massachusetts will go to pay fines, attorney fees, homeowners “hurt by questionable mortgages” and the Pension Reserves Investment Management Board, which oversees investing public retirement funds, according to The Globe.
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