As Sari Horwitz and Danielle Douglas report,
JP Morgan, the nation’s largest bank, has reached a tentative agreement with the
Justice Department to pay a record $13 billion to resolve allegations
that it knowingly sold faulty mortgage securities that contributed to
the financial crisis, a person familiar with the talks said Saturday. If finalized, the deal would be the largest penalty ever paid
by a single company, representing a tremendous win for the government
after years of public criticism over its struggle to hold Wall Street
accountable for its crisis-era misdeeds. It would also leave JPMorgan and its executives still at risk of criminal prosecution, a humbling concession.