Perhaps you've heard: JPMorgan Chase is in a wee bit of legal trouble at the moment. Now, it certainly looks like it's going to take 11 figures to resolve all of this (11 figures on top of the 10 figures it's already paid to deal with earlier hiccups). What will those 11 figures be? Will they begin with a superficially pleasing "11"?
J.P. Morgan Chase & Co. is in discussions to settle regulatory probes related to mortgage-backed securities for $11 billion, a person familiar with the matter said Wednesday….
The amount being discussed would include $7 billion cash and $4 billion in relief that J.P. Morgan would provide to consumers, one of these people said.
Another person familiar with the discussions said the two sides were still billions of dollars apart, depending on which set of cases might ultimately be resolved in any potential deal. Some government lawyers involved in the discussions are trying to firm up the framework of an agreement by next week, but the terms of the discussion still were very fluid and could come to nothing, the person said.
It is possible the bank could end up paying about $3 billion just to resolve one of the cases under discussion, the person said.