Businesseric schneidermanBusinessjpmorgan-settlement

Cuomo, Schneiderman Reach Agreement On JPMorgan Fine: Report

Cuomo, Schneiderman Reach Crucial Agreement
Reuters
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New York Attorney General Eric Schneiderman, left, and New York Gov. Andrew Cuomo on Tuesday, July 2, 2013, in Albany, N.Y. (AP Photo/Mike Groll)

Jan 21 (Reuters) - New York Governor Andrew Cuomo and Eric Schneiderman, the state's attorney general, have reached an agreement on how to divide a portion of the $613 million that the state received as part of a settlement with JPMorgan , the New York Times reported.

The New York Times earlier reported a deteriorating relationship between Schneiderman and Cuomo, and noted a battle over the $613 million New York received as part of JPMorgan's $13 billion settlement with U.S. authorities over mortgage-backed securities.

The deal would now split $163 million of the funds in equal measure, with half being distributed by Schneiderman's office to programs that prevent avoidable foreclosure or help prevent future financial fraud, and the rest going to the state's general fund to be spent on housing-related programs, the newspaper said.

However, both Cuomo and Schneiderman have not reached an agreement on who will allocate the remaining $450 million, the paper said. ()

Reuters could not immediately reach the NY Governor's office as well as the attorney general's office for comment outside of regular U.S. business hours.

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Before You Go

JPMorgan Chase Lawsuits And Regulatory Probes
London Whale(01 of11)
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The bank's chief investment office gambled on credit derivatives, losing $5.8 billion (so far), and its trading desk may have tried to hide the losses from the home office. The bank says it is being sued by shareholders over the losses and has gotten subpoenas and requests for information from "Congress, the OCC, Federal Reserve, DOJ, SEC, CFTC, UK Financial Services Authority, the State of Massachusetts and other government agencies, including in Japan, Singapore and Germany." (credit:<a target="_blank" href="http://commons.wikimedia.org/wiki/File:Humpback_Whale_underwater_shot.jpg" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="MediaWiki:" data-vars-item-type="text" data-vars-unit-name="5bb306efe4b0480ca661c990" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://commons.wikimedia.org/wiki/File:Humpback_Whale_underwater_shot.jpg" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="11" data-vars-position-in-unit="11">MediaWiki:</a><a target="_blank" href="http://commons.wikimedia.org/wiki/User:Taragui" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="Taragui" data-vars-item-type="text" data-vars-unit-name="5bb306efe4b0480ca661c990" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://commons.wikimedia.org/wiki/User:Taragui" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="12" data-vars-position-in-unit="12">Taragui</a>)
Milan Swap Deal(02 of11)
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The bank has faced lawsuits and criminal investigations over an interest-rate swap deal it made with the city of Milan, Italy, back in 2005. The bank settled a civil suit, but criminal charges are still pending against the bank and several employees, with hearings in the trial "occurring on a weekly basis since May 2010." (credit:<a target="_blank" href="http://commons.wikimedia.org/wiki/File:Milan_skyline.jpg" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="MediaWiki:" data-vars-item-type="text" data-vars-unit-name="5bb306efe4b0480ca661c990" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://commons.wikimedia.org/wiki/File:Milan_skyline.jpg" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="8" data-vars-position-in-unit="8">MediaWiki:</a><a target="_blank" href="http://commons.wikimedia.org/wiki/User:IgnisFatuus" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="IgnisFatuus" data-vars-item-type="text" data-vars-unit-name="5bb306efe4b0480ca661c990" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://commons.wikimedia.org/wiki/User:IgnisFatuus" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="9" data-vars-position-in-unit="9">IgnisFatuus</a>)
Enron(03 of11)
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The bank and some of its executives are still being sued over the bank's relationship with the failed, fraud-ridden energy giant, more than a decade after its failure. (credit:AP)
Energy Manipulation(04 of11)
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Speaking of Enron, the Federal Energy Regulatory Commission is investigating charges that JPMorgan manipulated power markets in California and the Midwest. (credit:ShutterStock)
Credit Card Swipe Fees(05 of11)
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The bank said in the filing that it will pay about $1.2 billion to settle charges that it conspired with MasterCard and Visa to rig credit-card swipe fees. (credit:AP)
Libor(06 of11)
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The bank is being investigated by regulators all over the world for its alleged involvement in manipulating Libor, a short-term interest rate that affects borrowing costs for people, businesses and governments all over the world. (credit:AP)
Madoff Ponzi Scheme(07 of11)
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Several lawsuits have accused the bank of aiding and abetting Bernie Madoff's Ponzi scheme, the biggest in history. The Madoff bankruptcy trustee and others have also sued the bank to get back some Madoff clients' money. (credit:AP)
MF Global(08 of11)
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The bank is under investigation by regulators for its relationship with the failed brokerage firm MF Global. It is also being sued for allegedly aiding and abetting MF Global misuse of customer money. (credit:AP)
Mortgage Backed Securities(09 of11)
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The bank is being sued by hordes of investors for its bundling and selling of mortgage-backed securities packed with bad mortgage debt before the financial crisis. "There are currently pending and tolled investor claims involving approximately $130 billion of such securities," the bank says. (credit:AP)
Mortgage Foreclosures(10 of11)
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The bank was part of the big $25 billion settlement with the government over mortgage-foreclosure abuses. But there are still several lawsuits and regulatory actions pending against the bank over its foreclosure practices. (credit:AP)
Peregrine Financial(11 of11)
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The bank didn't mention this in its regulatory filing, but it is also involved in the failure of the Iowa brokerage firm Peregrine Financial. JPMorgan holds some customer money for the firm, and recently tussled in court with the PFG bankruptcy trustee. (credit:AP)
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