1,000,000 + Attorneys and Legal Staff - Legal employers hire more people on LawCrossing than any other site.
$62.5 Million Settlement Approved in Case Against Wells Fargo
$62.5 Million Settlement Approved in Case Against Wells Fargo
Rosen Law Firm Starts Investigation Into SeaWorld for Possible Fraud
Rosen Law Firm Starts Investigation Into SeaWorld for Possible Fraud
PriceWaterhouseCoopers to Pay $25 Million Following Investigation
PriceWaterhouseCoopers to Pay $25 Million Following Investigation
Former Amazon Employee’s Non-Compete Clause Source of Contention for Google and Amazon
Former Amazon Employee’s Non-Compete Clause Source of Contention...
Job Listings

Watchdog Group Wants $13 Billion JPMorgan Chase & Co. Settlement Reviewed

facebooktwittergoogle_plusredditpinterestlinkedinmail

A Wall Street watchdog group founded by an Atlanta hedge fund manager said, JPMorgan Chase & Co. (JPM)’s $13 billion fraud settlement with the U.S. government should be blocked until a court is able to review it.

“No one has any ability to determine if the $13 billion agreement is fair or if it’s a sweetheart deal,” the group said in the filing. According to a complaint filed today in Washington federal court, Better Markets Inc. is seeking a judicial investigation of the deal because it’s the largest settlement “with a single entity in the 237-year history of the U.S.”

The deal that was announced in November, settled claims that they misled investors and the public by selling bonds that were backed by faulty residential mortgages. The U.S. and state officials blamed JPMorgan’s actions for helping to cause the credit crisis. Also the agreement didn’t protect JPMorgan or it’s employees from possible charges.

According to Dennis Kelleher, chief executive officer of Better Markets, the Justice Department “acted as investigator, prosecutor, judge, juror, sentencer and collector. The agreement was “mostly designed to conceal, not reveal,” he said at a press conference. A spokesman for the New York based JPMorgan, Brian Marchiony, declined to comment on the accusation.

What

 job title, keywords

Where

 city, state, zip



Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


“The department is confident that the settlement reached with JPMorgan Chase complies with the law,” Ellen Canale, a Justice Department spokeswoman, said in an e-mail.

Better Markets is a self described “non-profit, nonpartisan organization that wakes the public’s interest in financial reform.” The founder is Michael Masters, a member and founder of the Atlanta-based Masters Capital Management. Their standing derives from its public interest purpose being confused by a lack of transparency in the settlement process and the lack of a “judicial forum in which it could seek to participate to influence” the outcome, the group said in its complaint.

For employment at JPMorgan, click here.

Image Credit: image.businessweek.com

Watchdog Group Wants $13 Billion JPMorgan Chase & Co. Settlement Reviewed by

facebooktwittergoogle_plusredditpinterestlinkedinmail

Tagged: , ,

Jaan Posted by on February 11, 2014. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Contract Employment Law Litigation Attorney
USA-TX-Dallas

Our client is seeking our help finding an employment law litigation attorney with 5 years experience.  This is a long term contract position which has a high probability of converting to a direct...