JPMorgan chief executive Jamie Dimon met today with Attorney General Eric Holder about an investigation into the company's handling of mortgage-backed securities in the run-up to the recession.
A person familiar with the matter said Dimon was at the department to meet with Holder. The person was not authorized to speak on the record about the matter and spoke on condition of anonymity.
An USD 11 billion national settlement is under review to resolve claims against JPMorgan, according to a government official familiar with ongoing negotiations among bank, federal and New York state officials.
As he walked into the Justice Department today, Dimon declined to say anything when asked about the state of the discussions.
The Department of Justice is taking the lead on the settlement, which would include USD 7 billion in cash and USD 4 billion in consumer relief, said the official, who spoke yesterday with The Associated Press on the condition of anonymity because a settlement hasn't been reached, and the official wasn't authorized to discuss it publicly.
The government has continued investigating JPMorgan over mortgage-backed securities, which lost value after a bubble in the housing market burst and helped spur the financial crisis.
