J.P. Morgan to pay $13 billion in govt settlement

NEW YORK (MarketWatch)
J.P. Morgan Chase & Co. will pay $13 billion to settle government accusations that it misled investors about mortgages it bundled and sold in the run-up to the financial crisis
In the settlement, the bank acknowledged that it made "serious misrepresentations to the public" about "numerous" mortgage-backed securities transactions
The settlement also covers mortgage securities sold by Washington Mutual and Bear Stearns, which J.P. Morgan bought in 2008
The Department of Justice added that the settlement "does not absolve J.P. Morgan or its employees from facing any possible criminal charges."
The Justice Department and the New York Attorney General's Office said it was the largest settlement with a single entity in U.S. history