Violation Tracker Individual Record

Company: 
JPMorgan Chase
Current Parent Company: 
JPMorgan Chase
Penalty: 
$1,121,188,661
Year: 
2012
Date: 
February 9, 2012
Primary Offense: 
mortgage abuses
Violation Description: 

Bank of America, Wells Fargo, Citigroup, JPMorgan Chase, and Ally Financial agreed to pay a total of $5 billion in direct payments to resolve multistate litigation concerning abuses in their mortgage servicing and foreclosure practices; $4.25 billion of the total was to go to the states. This was part of the larger $25 billion National Mortgage Settlement that also included $20 billion in relief to borrowers; see the Violation Tracker entry for JPMorgan Chase at https://violationtracker.goodjobsfirst.org/violation-tracker/-jpmorgan-c.... The JPMorgan settlement document linked below puts the company's share of the direct payments at $1,121,188,661.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Multistate Attorneys General Case
Court: 
District of the District of Columbia
Civil or Criminal Case: 
civil
Case ID: 
1:12-cv-0361
Case Name: 
United States of America et al. v. Bank of America Corporation et al.
Private Lawsuit Resolution Type: 
settlement
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking & securities
Link to PACER Case Docket (must be logged in): 
Link to Archived Court Document: 
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.