JP Morgan pays $20m in Lehman case
Regulators say US bank mishandled customer funds, contributing to start of 2008 financial crisis.
Published On 14 May 2012
Financial giant JP Morgan Chase will pay $20m to settle claims from former customers that the bank mishandled their funds.
US regulators said JP Morgan extended too much credit to Lehman Brothers in the years before the former US banking firm went bankrupt. The Lehman Brothers collapse was viewed as a major contributor to the 2008 financial crisis.
Al Jazeera’s Cath Turner reports from New York.
Source: Al Jazeera