JPMorgan pays $45 billion to settle whistleblower suit
By Jim Kim - FierceFinance
Yet another surprise has bubbled forth in the $25 billion settlement between big banks and various state and federal officials: JPMorgan will pay $45 million to settle charges that it defrauded military veterans in refinancing deals.
The settlement stems from another whistleblower suit--one that predates Dodd-Frank by many years--that alleges that the bank cheated veterans out of millions of dollars via hidden fees in veterans' home mortgage refinancing deals. This same suit remains outstanding against a slew of other lenders, including Bank of America, Citigroup and Wells Fargo. Other settlements are likely on the way.
This article can be found in its entirety on the FierceFinance website.