Hundreds of millions of dollars in mortgage-fraud settlements from JPMorgan Chase and other banks are providing a windfall to state attorneys general—and creating a new class of political winners and losers.
In New York, Attorney General Eric Schneiderman learned in November his office was getting $613 million from JPMorgan, about triple his annual budget. He said he’d use the cash to reimburse victims and finance investigations. Gov. Andrew Cuomo, a fellow Democrat, questioned Schneiderman’s hold on the money and a dispute over the cash ensued.
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