Another settlement for JP Morgan

<p>JP Morgan has confirmed a settlement with the Federal Housing Finance Agency.</p>

JP Morgan has confirmed it has agreed to pay the largest ever settlement by a US bank.

The company will pay the Federal Housing Finance Agency (FHFA) $5.1 billion (£3.2 billion) after it was charged with misleading firms such as Fannie Mae and Freddie Mac during the housing boom in the US, before the recession struck.

Deals have already been done between JP Morgan and those two organisations, with the bank now agreeing to pay the FHFA the $5.1 billion settlement.

"This is a significant step to address outstanding mortgage-related issues," the FHFA said in a statement released to announce the news.

JP Morgan has also confirmed that the agreement with the body means that the biggest case against the firm relating to mortgage-backed securities has now been settled.

When the New York Stock Exchange opens later today (October 28th), stocks in JP Morgan will start trading at around the 52.77 mark, close to the firm's 52-week high share price.

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