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JP Morgan Chase Agreed $280M Mortgage Backed Securities Settlement

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

Los Angeles, CA: A $280 million preliminary settlement has been approved ending a mortgage-backed-securities consolidated class action which alleges JPMorgan Chase & Co. affiliates. misled investors into buying $36.8 billion worth of the investments.

The preliminarily certified class could consist of more than 2,850 investors who purchased pass-through certificates in 26 offerings issued by JPMorgan affiliate J.P. Morgan Acceptance Corp, between May 2006 and September 2007. According to court documents, if all potential class members opt into the settlement, the estimated average distribution will be $11.95 per $1,000 in original face value offered, The case is Plumbers' & Pipefitters' Local #562 Supplemental Plan & Trust et al. v. J.P. Morgan Acceptance Corp. I et al., case number 2:09-cv-01713, in the U.S. District Court for the Eastern District of New York.

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Published on May-5-14


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