ML-Implode News - Cuomo and Schneiderman Prepare to Fight Over JPMorgan Settlement

Now, the fractiousness between Mr. Cuomo and Mr. Schneiderman is spilling over into the running of state government. With the annual state budget process about to begin, the two leaders are girding for battle over how to spend $613 million obtained by the attorney general's office in a settlement of securities litigation with JPMorgan Chase.
Mr. Schneiderman and the bank negotiated the terms so that he would be given sole discretion over how to allocate the money. He has big plans for it: preventing avoidable foreclosures for thousands of struggling homeowners and expanding his office's efforts to fight financial fraud.

But Mr. Cuomo, who is up for re-election this year, wants the money deposited in the state's general fund, where it would be used as the governor and legislators see fit.

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Cuomo and Schneiderman Prepare to Fight Over JPMorgan Settlement