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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