Jan 23 JPMorgan Chase & Co Chief
Executive Officer Jamie Dimon said on Thursday that government
legal cases, including those over mortgage securities the
company settled for more than $13 billion, were "unfair".
Dimon, speaking on CNBC in a pre-recorded interview from
Davos, Switzerland, said most of the government claims against
the company were for dealings that took place at companies
before JPMorgan bought them in the financial crisis.
"I think a lot of it was unfair, but I am not going to go
into the details," Dimon said in the television interview.
JPMorgan agreed last year to pay $13 billion to settle
multiple government claims over dealings in mortgage securities
at JPMorgan and at two banks it took over during the crisis,
Bear Stearns and Washington Mutual.
It also settled other assorted cases for about $7 billion
more. Those included allegations stemming from derivatives and
electric power trading and sales of extra products to credit
Dimon said JPMorgan had "two really bad options" in choosing
to settle or fight the cases. Going to court could have taken
three or four years and the outcome could have been worse, he
"It would really hurt this company and that would have been
criminal for me to subject our company to those kinds of
issues," Dimon said.