News Summary: JPM, Credit Suisse paying $417M

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Associated Press

Posted on November 16, 2012 at 7:34 PM

Updated Friday, Nov 16 at 7:36 PM

SETTLING CHARGES: JPMorgan Chase and Credit Suisse have agreed to pay a combined $417 million to settle federal civil charges that they sold risky mortgage bonds to investors ahead of the 2008 financial crisis that the banks knew could fail.

PROFITING FROM PRACTICES: The banks also failed to properly disclose their practices that allowed them to profit while investors lost millions, the Securities and Exchange Commission said.

MAKING PAYMENTS: JPMorgan is paying $296.9 million and Credit Suisse will pay $120 million. The banks agreed to settle the charges without admitting or denying wrongdoing.

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