JPMorgan nears $6bn investor settlement

A Billion Dollars

JPMorgan is nearing an agreement worth close to $6bn with a group of institutional investors to settle claims over shoddy mortgage-backed securities issued in the run-up to the financial crisis, a source familiar with the talks said.

Reuters reports that representatives of JPMorgan and the investors met on Friday to discuss the settlement, though the two sides have not yet agreed to formal terms, the source said.

The potential deal is separate from the preliminary $13bn settlement JPMorgan has reached with the U.S. government that would resolve a raft of civil actions brought by several enforcement agencies.

The group of more than a dozen bondholders includes BlackRock, Allianz SE's Pacific Investment Management and Neuberger Berman, the source said.

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JPMorgan close to $6 billion settlement with investors - source

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