JPMorgan Chase settles with the US Federal Energy Regulatory Commission for $410M due to alleged manipulation of energy markets in California and the Midwest.
Malaysian state fund 1Malaysia Development Berhad sues units of Deutsche Bank, JPMorgan Chase, and Coutts for a combined amount of US$2.9 billion on the basis of negligence and conspiracy to defraud. The lawsuit is a bid to recover lost assets of more than $23 billion.
Documents filed in a United States bankruptcy court indicate that the bankrupt utility company Pacific Gas & Electric has not been able to reach a settlement with its creditors over billions of dollars it owes under power purchase contracts. PG&E wants the issue settled by the bankruptcy court rather than by the Federal Energy Regulatory Commission.
Business leaders from various U.S. companies, including Facebook, Marriott International, JPMorgan Chase, and Microsoft, lobby to members of Congress to work on a permanent solution for DREAMers to stay legally in the country, many of whom are their employees.
Reuters reports that the United States Department of Justice and JPMorgan Chase have reached a tentative $13 billion settlement on the issue of selling bad mortgage loans to investors, the practice that contributed to Subprime mortgage crisis.
A watchdog group releases a report that details write-downs of $19 billion on more than 168,000 properties by five United States banks. Under terms of a federal and state settlement of foreclosure-processing violations reached one year ago in March, Bank of America lost the most and had $13.5 billion in homeowner debts written off. The other banks are Citigroup Inc, JPMorgan Chase & Co, Wells Fargo & Co, and Ally Financial Inc. [http:--www.foxbusiness.com-news-2013-02-21-us-banks-write-down-1-billion-under-settlement-?intcmp=obnetwork (FoxBusiness)]date=July 2019
For $8.5 billion, ten banks settle to stop mortgage foreclosure process audits. The United States government regulators had been engaged in a loan-by-loan review of home loan practices during the Great Recession. Bank of America, Citigroup Inc, JPMorgan Chase & Co, Wells Fargo & Co, MetLife Bank, Aurora Bank FSB, PNC Financial Services Group Inc, Sovereign Bank NA, SunTrust Banks Inc, and U.S. Bancorp settle with regulators to pay out cash up to $125,000 to homeowners whose homes were being foreclosed when the paperwork problems emerged. Further, Bank of America agrees to pay $11.6 billion to government mortgage finance company Fannie Mae.
Moody's downgrades the credit rating of 15 major world banks: UK (The Royal Bank of Scotland, Barclays and HSBC), US (Bank of America, Citigroup, Goldman Sachs and JPMorgan), Rest of world (Credit Suisse, UBS, BNP Paribas, Crédit Agricole, Société Générale, Deutsche Bank, Royal Bank of Canada and Morgan Stanley).