Results 1 to 7 of 7
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
-
11-19-2013, 05:34 PM #1
CA. JPMorgan settlement sends $300 MILLION to CalPERS, CalSTRS
November 19, 2013
JPMorgan settlement sends $300 million to CalPERS, CalSTRS
California's retirement funds for teachers and state employees will receive nearly $300 million from a sweeping settlement between the Justice Department and financial titan JPMorgan.
The Justice Department has wrung a $13 billion settlement out of JPMorgan for misrepresenting the value of securities made up of mortgages. The widespread failure of similar financial products played a key role in triggering the 2007 financial crisis, and among the victims were publicretirement funds that had invested in mortgage-backed securities.
Under the settlement, the California Public Employees' Retirement System and the California State Teachers' Retirement System - more commonly known as CalPERS and CalSTRS - will draw $298,973,000 in damages.
"JP Morgan Chase profited by giving California's pension funds incomplete information about mortgage investments," Attorney General Kamala Harris said in a statement.
"This settlement returns the money to California's pension funds that JP Morgan wrongfully took from them."
The settlement "helps bring closure and justice in this matter for those who were harmed and holds JPMorgan accountable for its actions," CalPERS investment committee chair Henry Jones said in a statement.
When selling securities to the massive retirement funds, JPMorgan omitted information about the quality of the mortgages the investment products contained, according to Harris's office. That echoed a broader theme of JPMorgan misleading investors by packaging risky mortgages into financial instruments they then touted as sound investments.
"JPMorgan was not the only financial institution during this period to knowingly bundle toxic loans and sell them to unsuspecting investors, but that is no excuse for the firm's behavior," U.S. Attorney General Eric Holder said in a press release accompanying the full $13 billion settlement. "The size and scope of this resolution should send a clear signal that the Justice Department's financial fraud investigations are far from over."
http://blogs.sacbee.com/capitolalertlatest/2013/11/jpmorgan-settlement-sends-millions-to-calpers-calstrs.html#storylink=cpy
NO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
-
11-19-2013, 06:45 PM #2
- Delaware gets $20 million in JP Morgan settlement — NewsWorks
www.newsworks.org/.../62065-delaware-gets-20-million-in-jp-morgan-settl...
2 hours ago - Delaware gets $20 million in JP Morgan settlement... $100 million to Illinois, $34.4 million to Massachusetts, and $614 million to New York. . .
NO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
- Delaware gets $20 million in JP Morgan settlement — NewsWorks
-
11-19-2013, 06:48 PM #3
- New York in line for $1B from JPMorgan over mortgage crisis | New ...
nypost.com/2013/11/.../new-york-in-line-for-1b-from-jpmorgan-settlement...
3 hours ago - JPMorgan agrees to terms of $13B settlement ...New York will get a healthy slice of JPMorgan Chase's multi-billion mortgage ... That includes $613 million in cash and $400million in consumer relief for New Yorkers whose ...
NO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
- New York in line for $1B from JPMorgan over mortgage crisis | New ...
-
11-19-2013, 06:50 PM #4
- Massachusetts to get $34 million of historic settlement with bank ...
www.boston.com/business/2013/11/...get-million...settlement.../story.html
1 hour ago - Massachusetts to get $34 million of historicsettlement with JPMorgan. By Deirdre ... Related. JPMorgan, NY, federal gov't reach $13b settlement ... An investigation is under way by the US Attorney's office in Sacramento, Calif.
NO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
- Massachusetts to get $34 million of historic settlement with bank ...
-
11-19-2013, 06:52 PM #5
- Illinois to get share of JPMorgan settlement - Quad-City Times
qctimes.com/...get...jpmorgan-settlement/article_18089335-4049-5016-b9c...
1 hour ago - Illinois to get share of JPMorgan settlement ...JPMorgan will pay $72.4 million to the Illinois Teachers Retirement System and $16.2 million to ...
NO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
- Illinois to get share of JPMorgan settlement - Quad-City Times
-
11-19-2013, 06:55 PM #6
- Breaking: TRS gets $100 million from Chase settlement. | Fred Klonsky
preaprez.wordpress.com/.../breaking-trs-gets-100-million-from-chase-settle...
1 hour ago - Breaking: TRS gets $100 million from Chasesettlement. ...
Illinois’ Teacher Retirement System is reported to be getting $100 million from the Justice Department’s settlement with Chase.
At $13 billion, the JPMorgan settlement is a record amount paid by one corporation ...
NO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
- Breaking: TRS gets $100 million from Chase settlement. | Fred Klonsky
-
11-19-2013, 08:02 PM #7
Payment Terms
Terms call for JPMorgan to pay $9 billion for federal and state claims, with $2 billion to the Justice Department, $1.4 billion to the National Credit Union Administration and $515.4 million to the Federal Deposit Insurance Corp.
The state of New York will receive $613.8 million, California will get $298.9 million, Illinois will get $100 million, Delaware will get $19.7 million and Massachusetts will receive $34.4 million, according to the Justice Department’s statement.
The agreement includes a previously disclosed accord to end a 2011 Federal Housing Finance Agency lawsuit. The bank will devote $4 billion to consumer relief for affected homeowners, including principal forgiveness, loan modifications and efforts to reduce blight, according to the statement.
http://www.businessweek.com/news/201...-u-dot-s-dot-1NO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
Illegal Alien Arrested for Stabbing Fellow Illegal to Death at...
04-23-2024, 01:10 PM in illegal immigration News Stories & Reports