Dimon Vows Fight Moynihan Lost Over Claims From Mortgages
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Jamie Dimon, who’s already spent $18.5 billion cleaning up mortgages at JPMorgan Chase & Co., is warning a growing list of claimants that they’re in for a fight.
Investors demanding that the biggest U.S. lender buy back soured loans or compensate them for losses on mortgage securities “face a long and difficult road,” Dimon said last week in a shareholder letter. Those lining up include holders of $95 billion of bonds represented by Gibbs & Bruns LLP, the law firm that won $8.5 billion last year from Bank of America Corp.