J.P. Morgan settles with SEC for $300 million to settle a pr

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J.P. Morgan settles with SEC for $300 million to settle a probe into the company's disclosures in residential mortgage-backed securities
from MarketWatch.com - MarketPulse
CHICAGO (MarketWatch) -J.P. Morgan Chase on Friday said that it had cut a deal with federal regulators to settle a probe into the company's disclosures in residential mortgage-backed securities offerings issued by it and by the now-defunct Bear Stearns. To settle the complaint, J.P. Morgan will pay disgorgement and penalties of almost $300 million while neither admitting nor denying any wrongdoing. The company said that claims by the Securities and Exchange Commission "relate primarily to Bear Stearns' alleged failure to disclose settlements entered into by a Bear Stearns affiliate with originators of loans..." Proceeds from the settlement will go via the SEC to relevant residential mortgage-backed securities trusts, the company added.