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  • Better Cell Service For Senior Center

    sc pavilionA commercial grade cell phone booster was installed January in the Pavilion/Mason County Senior Activities Center. “We are happy to announce that those who rent the Pavilion event venue or come to the senior center activities during the day will be pleased to find… Read More +

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  • USCG Search For Plane Crash Survivors

    boat hoodcanalUPDATE: — The Coast Guard suspended the search for a survivor of a plane crash after searching for more than eight hours near Seabeck, Washington, Monday. “Our prayers and heartfelt wishes go out to the friends and loved ones of those affected by this tragedy,”… Read More +

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  • Mariners Sign Veteran Outfielders

    mariners logo5Seattle Mariners Executive Vice President & General Manager of Baseball Operations Jack Zduriencik announced today the club signed veteran outfielders Endy Chavez and Franklin Gutierrez to minor league contracts with invitations to Major League Spring Training.

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JP Morgan, DOJ Reach Tentative $13 Billion Deal

b_250_0_16777215_00_images_obgrabber_2013-10_ec02adf717.jpgROBYN BECK/AFP/Getty Images (WASHINGTON) -- The United States Department of Justice and JP Morgan Chase & Co have reached a tentative deal that would have JP Morgan pay $13 billion. According to a source familiar with the negotiations, the details are not finalized, but the tentative deal was struck Friday night in a conference call between Attorney General Eric Holder, Acting Associate Attorney General Tony West, JP Morgan Chief Executive Officer Jamie Dimon, and JP Morgan General Counsel Stephen Cutler.

As of a week ago, JP Morgan was offering to pay only $11 billion, and for the past two weeks a "sticking point" has been Dimon's demand that any agreement over civil matters include a non-prosecution agreement from the Department of Justice, agreeing not to criminally prosecute anyone at JP Morgan for misrepresenting the quality of mortgages to investors.

In a call a week ago, Holder told Dimon that was "a non-starter."

In the call Friday night, Dimon indicated that he would give up that demand.

As part of the tentative deal, JP Morgan has to assist the Department of Justice with obtaining information and evidence related to individuals who allegedly misrepresented the quality of mortgages to investors.

This is the largest, single payment by a US company ever.

In the $13 billion deal, $9 billion is in penalties and fines, while the other $4 billion goes towards consumer assistance.

Copyright 2013 ABC News Radio

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