JPMorgan Chase has reportedly agreed to record 13 billion dollar settlement to end civil probes into its sale of mortgage securities which is likely to end the ongoing investigation against the bank and leave its executives without charges.
Although, the Justice Department has refused to drop a criminal inquiry into the bank's sale of mortgage-backed securities leading up to the crisis.
According to the New York Post, JPMorgan's legal team, led by Stephen Cutler, has concluded that the more serious criminal probe is heading into the final stages without turning up any evidence that would lead to charges against senior executives or the firm.
Sources close to the matter said that if there are any charges, they would be tied to lower level employees as the bank didn't break any criminal laws.
A number of federal and state officials were involved in brokering the sweeping agreement with the bank.
The proposed pact, expected to be finalized by Thursday, includes 4 billion dollars to settle claims by the Federal Housing Finance Agency, another 4 billion dollars in consumer relief, a 2 billion dollar penalty that will be split among the states and 3 billion dollar to owners of the mortgage bonds, the report added.
