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 in the traditional manner in 1984 with slightly more hair than he has now, Christopher was raised in Edinburgh, Scotland. After four wobbly years in the British Royal...