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Senior law professor: JP Morgan 'paying a huge price'

Wall Street giant JP Morgan is set for a record fine $13bn (£8bn), according to US media reports.

The bank has been in negotiations with the US Justice Department for months, to settle claims of alleged mis-selling of its mortgage-backed securities.

Professor John Coffee, director of the Centre on Corporate Governance at Columbia University Law School, told BBC Radio 5 live's Wake Up to Money: "JP Morgan is paying a huge price but it's not yet getting global peace."

"The attitude of the US public is that there should've been indictment of many people five years ago... and I think it's quite plausible that some executives who were in the mortgage brokerage business could be charged."

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