Two firms settle in mortgage case

— JPMorgan Chase and Credit Suisse agreed Friday to pay a combined $417 million to settle civil charges lodged by the Securities and Exchange Commission, which accused the firms of misleading investors about home mortgages that were pooled into securities and sold to Wall Street.

The settlements are the latest effort by regulators and prosecutors to hold Wall Street accountable for misconduct stemming from the 2008 financial crisis.

Under Friday’s settlement agreements, which await court approval, JPMorgan would pay $297 million and Credit Suisse would pay $120 million. Neither firm admitted or denied wrongdoing, and both said they were pleased to put the matter behind them.

Front Section, Pages 3 on 11/18/2012

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