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JP Morgan Chase Settles Securities Class Action for $23M

This is a settlement for the Securities/Stock Fraud lawsuit.

New York, NY: A $23 million settlement has been reached in securities class action lawsuit alleging JPMorgan Chase & Co. (JPM) breached its fiduciary duty by investing pension funds in Lehman Brothers Holdings Inc. notes.

The settlement has been reached between the lead plaintiff, the Board of Trustees of the Operating Engineers Pension Trust, and JPMorgan.

The settlement pertains to all plans and entities governed by the Employee Retirement Income Security Act for which JPMorgan invested cash collateral in two floating rate notes issued by Lehman Brothers and continued to hold those securities until Sept. 15, 2008, when Lehman Brothers sought bankruptcy, according to the filing.

The case is Board of Trustees of the Operating Engineers Pension Trust v. JPMorgan Chase Bank NA, 09-cv-09333, U.S. District Court, Southern District of New York (Manhattan.)

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Published on Aug-19-13


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