JPMorgan Chase to pay largest fine ever laid on American Company
$13 billion fine payment to US Department of Justice as part of an attempt to avoid criminal prosecutions
By: Tiffany Narducci, Staff Writer
The American Department of Justice has come to a tentative agreement with the nation’s largest bank to atone for its role in the 2008 financial crisis.
On Sunday, JPMorgan Chase agreed to pay a $13 billion fine, in response to claims that the bank sold faulty mortgages, which contributed to the American economic collapse.
If completed, the settlement would make American history; at $13 billion, JPMorgan Chase will pay the largest fine ever laid against a single company. The landmark agreement would also mark a huge win for the Department of Justice, which has been criticized for its lack of action against the misdeeds of Wall Street.
Sources connected to the settlement have speculated the historic settlement was part of an attempt to avoid criminal prosecutions within the company. Thus far, the Department of Justice has stated that it will go forward with its criminal investigation.
The settlement is the most recent (and largest) fine paid by JPMorgan Chase. Since 2011, the company has doled out several multi-million dollar payments in regards to its involvement in the housing crisis. According to the Washington Post, “A resolution with the Justice Department would reduce but not end the legal headaches at JPMorgan.”
The company currently remains the subject of several federal probes into its questionable financial dealings.
Image provided by Johnathan Fickles/Bloomberg News
Tiffany Narducci is a master’s candidate in Political Science at Carleton University in Ottawa, where she also completed her undergraduate degree in Journalism. She is passionate about international politics and how they affect humanitarian relief efforts, and hopes to begin a career in international development.