(Bloomberg) -- JPMorgan Chase & Co. reached a $13 billion deal with the U.S. Justice Department that ends probes into the banks sale of mortgage bonds, the largest amount paid by a financial firm in a settlement with the government.
Without a doubt, the conduct uncovered in this investigation helped sow the seeds of the mortgage meltdown, Attorney General Eric Holder said in a statement. JPMorgan was not the only financial institution during this period to knowingly bundle toxic loans and sell them to unsuspecting investors, but that is no excuse for the firms behavior.
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