JPMorgan Chase will pay $50 million to settle claims it filed “robo-signed” mortgage documents to bankruptcy courts across the U.S., the Justice Department announced.
Under the deal, which is still subject to the approval of the U.S Bankruptcy Court in Detroit, Mich., JPMorgan Chase will make payments to more than 25,000 homeowners, many of whom received inaccurate payment-increase notices during their bankruptcy cases.
As part of the settlement, the agency said, bank officials admitted to filing more than 50,000 payment-change notices that were improperly singed by that bore the signatures of employees who no longer worked for the company.
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