PENN – The biggest US bank, JPMorgan Chase, has been ordered to pay $9.8m (£6.8bn) to the government for the loss it suffered as a result of the 2010 terrorist attacks on the World Trade Centre in New York.
The US Department of Justice announced in February that the bank agreed to pay the fine, the largest ever by a US bank.
The department said it had asked for a final judgment of $1.2bn, or 1.2% of JPMorgan’s value, by the end of July.JPMorgan, which is headquartered in New Jersey, was the victim of the attacks that killed more than 3,000 people and damaged more than 4 million other businesses and buildings in New England.
The bank had been working with authorities in the US and elsewhere to settle claims that it had been negligent.
The New York state attorney general, Cyrus Vance, said at the time that JPMorgan had paid $9,746,094 to settle the claims.
Jurors awarded $3.4m in punitive damages to the bank, and $1m to its employees, according to the Associated Press.
Jobs were at risk of being destroyed by a foreign bank or government and the bank was “failing to safeguard its customers’ money”, Mr Vance said at a news conference.
Jupiterimages/Getty Images 7/7 A ‘shining example’A former director of the National Oceanic and Atmospheric Administration has called on a US company to be stripped of its $1bn (£934m) taxpayer subsidies to the UK’s National Grid, in a bid to end the threat of an imminent collapse of the UK power grid.
The comments by the outgoing director, Paul Wold, come as the National Grid struggles to find new money to keep the lights on and power flowing at its £20bn-a-year assets.UK energy regulator Ofgem warned last month that it could be forced to raise rates by up to 2% if the power grid does not find new sources of funding.
A spokesman for the National Electric Trades Union said the industry had “shined an example of a company that pays its bills, gets the job done and makes a profit”.
“We will do everything we can to keep this company in business,” he added.NUTRUS 8/7 ‘A truly inspiring example’Former BP engineer Mark Hughes has written a book about the impact of oil and gas drilling on the environment, describing the impact on wildlife as “catastrophic”.
The book, called ‘The End of Oil’, was published in February and describes the impact that oil and its by-products had on wildlife and the habitats they live in.
Hughes, a retired engineer, said the impact had been so great that the UK had been forced to make changes to its environment to prevent it from becoming uninhabitable.
The oil and coal industry has been a major driver of climate change, he wrote.
The book was written with the help of a team of scientists and environmental campaigners.
“The End Of Oil” was published at the same time that BP agreed to the largest legal settlement in history in an attempt to avert a global climate catastrophe.
The firm is due to pay £24bn to compensate a wide range of environmental organisations and other organisations that sued over the 2010 Deepwater Horizon oil spill, in which a British ship exploded in the Gulf of Mexico killing 11 workers and causing massive damage to the region.
The Deepwater was found to be leaking at a rate of 8,000 barrels per second when it exploded.
The company has already paid out more than £1bn to victims and other claimants.
Hugues said the current industry was “shining an example for the rest of us” and that the threat was “already very real”.
Getty Images 9/7 The US economy is in a ‘chronic recession’The US economy contracted for the second consecutive month in February, with the unemployment rate continuing to fall at a slower pace than at any point in four years.
The government said on Friday that economic growth in the second quarter was revised down to a seasonally adjusted 3.6%, below the previously reported 4.1%.
Economists polled by Reuters had forecast a 2.9% contraction.
The weakness has been fuelled by the fallout from Hurricane Maria, which battered Puerto Rico on Wednesday.
The island is struggling to recover from the devastation of the storm and is in the midst of a second straight month of job losses.
The country is also struggling with a record number of people being laid off and a sharp decline in government revenue.
The economy has grown by only 0.2%.
The US National Bureau of Economic Research (NBER), a research group, said on Thursday that the unemployment figure was “not particularly surprising given that the economy is struggling with the impact” of the hurricanes.The NBER