Record settlement for JP Morgan

<p>JP Morgan has confirmed a record settlement with regulators in the US.</p>

JP Morgan has announced it is set to pay a record settlement to regulators in the US after it misled investors during the housing crisis.

The bank stated that it will pay $13 billion (£8 billion), which is the biggest ever settlement between a corporation and the government.

"We are pleased to have concluded this extensive agreement," said JP Morgan boss Jamie Dimon.

$4 billion of the settlement will go to homeowners hurt by JP Morgan's practices, the bank said.

Federal and state civil claims will make up a further $7 billion of the total amount, with the remaining $2 billion being paid directly to the government in the form of a fine.

"The conduct uncovered in this investigation helped sow the seeds of the mortgage meltdown," said Attorney General Eric Holder in a statement.

Earlier in the week, JP Morgan confirmed that it is paying $4.5 billion in settlements over the mortgage securities scandal.

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