Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
JPMorgan Settles Charges of Defrauding Veterans
JPMorgan (NYSE:JPM) settled a lawsuit on Monday involving the federal government that alleged the bank, along with seven others, cheated military veterans in home mortgage transactions. JPMorgan will pay $45 million as part of a larger national agreement reached by the government with five lenders last month.
JPMorgan is the first to reach a settlement in this case. Charges are still pending against the other lenders, including Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC) and Citigroup (NYSE:C).
Hot Feature: Struggling British Banks Cut More Jobs
The lawsuit was filed in Georgia in 2006 by two mortgage brokers who will share 26 percent, or $11.7 million, of the settlement. The suit alleges lenders hid illegal fees in veterans’ home mortgage refinancing transactions.
http://wallstcheatsheet.com/breaking-news/jpmorgan-settles-charges-of-defrauding-veterans.html/