Banking giant JPMorgan Chase will pay $13 billion — with $34.4 million going to Massachusetts — in the largest settlement from a single group in history, to settle claims by the federal government that it misrepresented investments, leading to the housing bubble.
Under the settlement, JPMorgan acknowledged that it made "serious misrepresentations to the public" about residential mortgage-backed securities, leading in part to the financial crisis, the Department of Justice said in a statement.
"Without a doubt, the conduct uncovered in this investigation helped sow the seeds of the mortgage meltdown," said Attorney General Eric Holder in the statement.
Massachusetts Attorney General Martha Coakley, who took part in the suit against JPMorgan, said the settlement sends a message. "This settlement today is part of our ongoing effort to hold Wall Street accountable for its role in the financial crisis," she said in a statement.
Massachusetts will use some of the money to repay PRIM, the state pension program that invested in JPMorgan securities, and set aside a portion for consumer relief.
"We are pleased to have concluded this extensive agreement with the President's RMBS Working Group and to have resolved the civil claims of the Department of Justice and others. Today's settlement covers a very significant portion of legacy mortgage-backed securities-related issues for JPMorgan Chase, as well as Bear Stearns and Washington Mutual," chairman and CEO Jamie Dimon said in a statement.
Much of the settlement will be used to repay investors, but JPMorgan will pay $4 billion for consumer relief and a $2 billion fine.
On Friday, JPMorgan announced it had reached a $4.5 billion settlement with 21 major institutional investors over similar claims.
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