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    US bank in record $13bn settlement

    Al Jazeera English

    by Al Jazeera English

    JP Morgan Chase has agreed to a record $13bn settlement over mislabelled mortgage securities that federal and state authorities said stoked the financial crisis.

    The Department of Justice announced the settlement on Tuesday, saying the bank "acknowledged it made serious misrepresentations to the public, including the investing public" over the quality of residential mortgage-backed securities it sold ahead of the financial crisis.
    Al Jazeera's Kristen Saloomey has more from New York.