JP Morgan, NCUA Settle for $1.4 Billion

Settlement resolves suits over corporate credit union failures.

By Nicholas Ballasy | November 19, 2013 at 10:20 AM

The Department of Justice announced Tuesday a $1.417 billionsettlement for the NCUA with JP Morgan over failed corporate credit union investments.

The settlement resolves lawsuits the agency filed as liquidatingagent against JPMorgan Chase, Bear Stearns and Washington Mutualfor losses incurred by corporate credit unions as a result of thepurchases of the faulty residential-backed mortgage securities.

Also Read: Trades Call for End to Corporates Bailout Tab

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