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JPMorgan close to $6 bln settlement with investors: source

Tuesday, 22 Oct 2013 | 9:18 PM ET

NEW YORK, Oct 22 (Reuters) - JPMorgan Chase & Co is nearing a $6 billion deal with a group of institutional investors to settle claims that the bank sold them substandard mortgage-backed securities in the run-up to the financial crisis, a source familiar with the talks said.

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

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

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