Dallas, Texas 11/19/2013 (Financialstrend) – JPMorgan Chase & Co. (NYSE:JPM) has reached an agreement with the Justice Department on all issues in a certain $13B settlement of a civil-inquiry into the sales of mortgage-backed low-quality securities that it made. These had collapsed in value in the 2008 financial-crisis.
The settlement is the largest one that has ever been reached between the U.S government and a company. It outdoes the $4B that has been levied on BP the massive oil company in January in connection with the worst off-shore oil-spill in the history of the United States. Details of this settlement had been leaked and also very widely-reported some weeks ago. The announcement of the finalized deal is expected to come in today.
A person in the know is reported to have stated that this settlement addresses all the civil issues in this case, however the Justice Department hold the right to continue with a criminal investigation that is being conducted by the United States Attorney’s Office that is in Sacramento, California.
In Monday’s trading session, JPMorgan Chase & Co. (NYSE:JPM) rose by 1.59%. The shares opened at a price of $55.49, which touched the intraday high of $56.00 and headed to a close of $55.74. Around 22.32 million exchanged hands over the trading day and an average volume of 20.44 million shares were traded over a 30 day period. The 52-week low of JPMorgan Chase & Co. (NYSE:JPM) shares is $38.83 and its 52-week high is $56.93. The company has a market capitalization of $209.54 billion.
About the company
JPMorgan Chase & Co. (NYSE:JPM) is a financial-holding company. It is a global financial-services firm & a banking-institution in the United States. It has global operations. JPMorgan Chase & Co (NYSE:JPM) is involved in investment banking, financial-services for consumers & small businesses, commercial-banking, financial transaction processing, asset-management & private equity.