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October 21, 2013

In the News Today – October 21, 2013

  • JP Morgan has tentatively agreed to pay $13 billion to settle investigations by the Department of Justice into their mortgage-backed securities business, but the deal reportedly would not settle a criminal probe.  Wall Street Journal ($)
  • A division of HSBC has been ordered to pay $2.46 billion in a class action accusing it of violating federal securities law.  It is believed to be the largest judgment ever following a securities fraud class action trial.  Washington Post
  • The federal judiciary survived the government shutdown with the use of alternative funds, but the courts are still facing $350 million in budget cuts.  National Law Journal ($)
  • In day two of Chevron’s trial against plaintiffs’ lawyer Steven Donzinger, a former funder of Donzinger’s claims he was duped into investing in a fraudulent shakedown of the company.  Chevron’s suit accuses Donzinger of using bribery and fraud in winning a $19 billion verdict in Ecuador.  American Lawyer
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