JPMorgan close to $6 bln settlement with investors: source

Reuters

NEW YORK, Oct 22 (Reuters) - JPMorgan Chase & Co isnearing a $6 billion deal with a group of institutionalinvestors to settle claims that the bank sold them substandardmortgage-backed securities in the run-up to the financialcrisis, a source familiar with the talks said.

Representatives of JPMorgan and the investors met on Fridayto discuss the settlement, though the two sides have not yetagreed to formal terms, the source said.

The potential deal is separate from the preliminary $13billion settlement JPMorgan has reached with the U.S. governmentthat would resolve civil actions brought by a number ofenforcement agencies.

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