At $13 billion, the bank’s offer would equal the payoutagreed to last year by JPMorgan. That settlement was the largest with a single entity in US history.
On the same day JPM was ordered to refund $300m to customers after US regulators ruled that two million clients were harmed by the bank’s debt collection and other credit card practices.
Regulators also said that there were errors in the way the investment bank pursued customers through the court. However the refund order is not a fine, so regulators and prosecutors can still slap JPM with financial penalties in the future.
Only a few days ago, JPM revealed being hit by $9.2bn worth of legal expenses which resulted in the US banking giant posting its first ever quarterly loss under chief executive Dimon.
The legal expenses, which worked out as $7.2bn after taxes, include money JPM is setting aside for future settlements with authorities.
“While we expect our litigation costs should abate and normalise over time, they may continue to be volatile over the next several quarters,” said Dimon in a statement.