JP Morgan bank to pay out US$4.5b to investors in settlement
Published:Saturday | November 16, 2013 | 9:47 AM
US investment bank JP Morgan has agreed to pay US$4.5 billion to investors who lost money on mortgage-related securities during the financial crisis.
The settlement is with 21 major institutional investors.
Mortgage-related investments were a major factor in the crisis, which began in 2007 with the collapse of the US housing market.
Last month JP Morgan agreed a separate, preliminary US$13 billion deal with the US government over mortgage securities.
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