DOJ Rejects JPMorgan’s $3 Billion Offer

Putting messy litigation behind you isn't as cheap as it used to be. The Justice Department has rejected a $3 billion offer from JPMorgan Chase to settle investigations into the bank's mortgage-backed-securities business, saying it is much too small. JPMorgan has a big incentive to settle—the mortgage investigation is one of at least seven probes the bank is facing, ranging from alleged misbehavior in energy markets to dealing in China. JPMorgan CEO Jamie Dimon reportedly has urged the board to agree to settlements so the bank can get past the steady string of legal headaches.