According to Reuters, a top executive at JPMorgan Chase (JPM) said the bank continues to seek a final agreement with the government on a tentative settlement over liabilities for mortgage-backed securities sold before the financial crisis. Reuters explains:
Mike Cavanagh, co-head of the company's corporate and investment bank and a top lieutenant of Chief Executive Officer Jamie Dimon, said at an investor conference that company executives are "trying very hard" to resolve the company's legal and regulatory issues.
Cavanagh said he had "no update" on specific steps to put on paper an agreement that press report have said provides for the bank to pay $13 billion to settle government claims. The outline of the basic deal, which would resolve issues with multiple agencies, was reached by Dimon and U.S. Attorney Eric Holder at the end of September.Sponsor Content