JPMorgan Chase has agreed to pay $13bn (£8bn) to settle complaints over mortgages and mortgage securities, US officials have said.
The deal includes $9bn in payments to authorities and $4bn which will go to people affected by the bank's actions, New York State Attorney General Eric Schneiderman said.
The US government called the settlement the largest in the country's history.
It resolves a series of complaints against the bank for mis-stating the quality of mortgages and mortgage securities it sold before the financial crisis, and complaints it mishandled the mortgages of millions of homeowners.
Mr Schneiderman said: "This historic deal, which will bring long-overdue relief to homeowners around the country and across New York, is exactly what our working group was created to do.
"We refused to allow systemic frauds that harmed so many New York homeowners and investors to simply be forgotten.
"And as a result we've won a major victory today in the fight to hold those who caused the financial crisis accountable."
Chief executive of the bank Jamie Dimon JPMorgan has said most of its mortgage-backed securities came from Bear Stearns Cos and Washington Mutual Inc, troubled companies that JPMorgan acquired in 2008.
As part of $6bn it will give to investors, $4bn will resolve government claims that JPMorgan misled mortgage finance giants Fannie Mae and Freddie Mac about risky mortgage securities the bank sold them before the housing market crashed.
That part of the deal was announced on October 25.
Fannie and Freddie were bailed out by the government during the crisis and are under federal control.
The $13bn settlement amount is only about half of JPMorgan's record 2012 net income of $21.3bn, or $5.20 a share, which made it one of the most profitable US banks last year.
Mounting legal costs from government proceedings pushed JPMorgan to a rare loss in this year's third quarter, the first under chief executive Jamie Dimon's leadership.
The bank reported on October 11 that it set aside $9.2bn in the July to September quarter to cover the string of legal cases against it.
It faces at least nine other government probes, covering everything from its hiring practices in China to whether it manipulated the Libor benchmark interest rate.
JPMorgan said it has placed $23bn in reserve to cover potential legal costs.
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