JP Morgan has reached an agreement with US authorities to pay a record $13 billion to settle probes of its residential mortgage-backed securities business, reports said. The bank declined to comment.

JP Morgan has reached an agreement with the US Justice Department to pay a record $13 billion to settle several investigations of its residential mortgage-backed securities business, media reports said.

The US banking firm declined to comment to WealthBriefing about the matter when contacted today.

The agreement was made on late Friday, reports said. It does not resolve a continuing criminal probe of the bank’s conduct, which could result in charges against individuals or the bank itself and possibly increase the size of any penalty.

There remains a disagreement over an admission of wrongdoing that would end the criminal probe and decided instead to resolve the civil allegations related to the mortgage securities, according to one report, by the Wall Street Journal.

The WSJ said the agreement includes $4 billion to settle claims by the Federal Housing Finance Agency that JP Morgan misled Fannie Mae and Freddie Mac about the quality of loans it sold them in the run-up to the 2008 financial crisis, another $4 billion in consumer relief, and $5 billion in penalties paid by the bank.

The agreement hasn’t been completed and some particulars are still being discussed, such as the final wording, reports said.

If completed, the deal would represent the largest settlement the US government has reached with a single company. The deal would also resolve a separate suit brought by New York state’s attorney general, Eric Schneiderman.

Last week, JP Morgan, which was issuing third-quarter results (showing a loss for the group as a whole), said it set aside $9 billion additional legal reserves in the third quarter.