Record fine for JP Morgan?

<p>JP Morgan could be set to pay a record fine.</p>

JP Morgan could be set to pay a record fine for its part in the economic banking crisis.

The company is reported to be on the brink of a $13 billion (£8 billion) deal with US lawmakers to settle investigations into its mortgage-backed securities.

Following a series of extensive talks with senior US Justice Department officials, it is believed that an agreement is close.

JP Morgan lawyers met with US Attorney General Eric Holder and his deputy Tony West and they came up with the figure, according to media reports.

This comes only a short time after JP Morgan confirmed that it lost $380 million in the third quarter due to the $920 million it has paid to settle charges related to the trading scandal.

JP Morgan is not the only major company to have been hit by these types of fines in the last few weeks, with Bank of America also having had to fork out huge amounts of money in settlements.

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