JPMorgan Chase & Co.’s $614 million False Claims Act settlement with the U.S. attorney’s office in Manhattan, announced Tuesday, indicates that major banks have a ways to go to shake off federal FCA liability stemming from the mortgage crisis.
Tuesday’s deal marks the fourth, and largest, FCA resolution between a major bank and the Manhattan U.S. attorney’s office. It comes 19 months after the last such settlement, in which Deutsche Bank AG agreed to pay $202 million over similar claims. (Earlier in 2012, CitiMortgage Inc. and Flagstar Bank FSB paid $158 million and $133 million, respectively.)
