JPMorgan Chase & Co. (NYSE:JPM) and a group of its investors tentatively agreed Friday to a settlement whereby the bank will pay the investors $4.5 billion, the Wall Street Journal reported.
The settlement is separate from the bank's tentative deal with the Justice Department and does not cover claims on securities issued by Washington Mutual.
This adds further pressure to the Jamie Dimon-led bank, which has already paid out nearly $19 billion in the last two months and has set aside $23 billion to cover further litigation costs.
The bank recently suffered its first quarterly loss since 2004 as litigation costs and faulty mortgage-backed securities take their toll on revenues.
Born and allegedly conceived by candlelight in 1984, Christopher was raised in Edinburgh, Scotland. After four years in the British Royal Navy, he decided to leave the sea...