JPMorgan Chase & Co.

New York News
7:45 am
Wed November 20, 2013

NY To Receive $1B In JPMorgan Settlement

Credit Jonas Smith/flickr

New York State is set to receive $1 Billion after JPMorgan Chase & Co. agreed to pay $13 billion dollars in a landmark settlement for activities that prosecutors say were "symptomatic of the recklessness on Wall Street."

JPMorgan was among the major banks that sold mortgage-backed securities that plunged in value when the housing market collapsed in 2006 and 2007. Those losses triggered a financial crisis that pushed the economy into the worst recession since the 1930's.

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