U.S. will bring fraud cases against more big banks -- Holder

by MPA09 Dec 2013
The Justice Department is planning to bring mortgage fraud cases against several big banks next year, the U.S. attorney general said.

Attorney General Eric Holder told Reuters last week that the Justice Department would be bringing the cases in early 2014. He would not say which institutions were in the crosshairs, according to Reuters.

“We have a number of investigations that are coming to a head at the same time,” he said. “It is my hope that the next round of these cases will be filed soon after the new year.”

The government recently settled a massive fraud case with JPMorgan. In that case, the lender agreed to pay a record $13bn to settle a number of government investigations over its sale of mortgage-backed securities.

Holder said any future lawsuits would likely follow a similar template, Reuters reported.
 

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