JPMorgan Chase & Co. agreed to give mortgage-bond trustees evaluating a proposed $4.5 billion settlement over bad loans an extra three months to consider signing onto the deal.

The deadline was extended to June 16, according to a letter posted to a website for the settlement. Trustees including Bank of New York Mellon Corp., Deutsche Bank AG and Wells Fargo & Co. had asked the New York-based bank for the change in a letter dated March 4. Stephen Cutler, JPMorgan's general counsel, agreed to the request, the document shows.

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