(OFFICIAL) - US fines Wells Fargo, JPMorgan over "illegal mortgage kickbacks"
REUTERS 3:19 PM ET 01/22/15
Symbol Last Price Change
WFC 53.69 +1.59 (+3.05%)
JPM 57.62down +1.73 (+3.1%)
QUOTES AS OF 03:41:01 PM ET 01/22/2015
(CFPB corrects amount of consumer redress for Wells Fargo(WFC) to $10.8 million from $11.1 million)
WASHINGTON, Jan 22 (Reuters) - U.S. and state regulators ordered Wells Fargo(WFC) and JPMorgan Chase(JPM) to collectively pay $35.7 million on Thursday to settle charges that they participated in an illegal marketing kickback scheme with a now-defunct title company.
The Consumer Financial Protection Bureau and the Maryland Attorney General's Office ordered Wells Fargo(WFC) to pay a $24 million penalty plus another $10.8 million in redress to consumers. JP Morgan will pay a $600,000 penalty, plus another $300,000 in redress, the CFPB said. (Reporting by Douwe Miedema; Editing by Sandra Maler)
(c) Copyright Thomson Reuters 2015. Click For Restrictions - about.reuters.com/fulllegal.asp