JPMorgan Chase & Co is nearing an agreement worth close to $6 billion (3.7 billion pounds) with a group of institutional investors to settle claims over shoddy mortgage-backed securities issued in the run-up to the financial crisis, a source familiar with the talks said.
Representatives of JPMorgan and the investors met on Friday to discuss the settlement, though the two sides have not yet agreed to formal terms, the source said.
The potential deal is separate from the preliminary $13 billion settlement JPMorgan has reached with the U.S. government that would resolve a raft of civil actions brought by several enforcement agencies.
The group of more than a dozen bondholders includes BlackRock Inc, Allianz SE's Pacific Investment Management Co and Neuberger Berman Inc, the source said.
Source: Reuters
