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JP Morgan To Pay Record $13 Billion Penalty

The largest bank in the United States, JP Morgan Chase, has agreed to pay a record $13 billion in penalties to resolve allegations that the bank sold faulty mortgage-backed securities that contributed to the nation's financial crisis.This deal follows months of tense negotiations between the firm, the Department of Justice and other government agencies. It ends many state and federal civil complaints, but leaves open the possibility of criminal prosecution for fraud.Like many banks, JP...

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