JPMorgan Chase and Credit Suisse agreed to pay $417 million in a settlement with the Securities and Exchange Commission over their handling of subprime mortgages, the agency said Friday.
The banks did not admit or deny guilt. JPMorgan agreed to pay $296.9 million to settle the charges and Credit Suisse agreed to pay $120 million.
Robert Khuzami, director of the SEC’s Division of Enforcement, in a statement called mortgage products like those sold by the banks “ground zero in the financial crisis.” Friday’s settlement ends the agency’s investigation into how JPMorgan dealt with its mortgage securities acquired through Bear Stearns.
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