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$388M Settlement Reached in JPMorgan Chase Mortgage Backed Securities Class Action Lawsuit

This is a settlement for the JPMorgan Chase & Co. lawsuit.

New York, NY: A $388 million settlement has been agreed between JPMorgan Chase and a group of investors who alleged the bank misled them regarding the level of risk associated with certain investments. Specifically, the securities lawsuit refers to $10 billion worth of residential mortgage-backed securities (MBS) sold by JP Morgan Chase before the financial crisis of 2008.

The lawsuit was brought on behalf of investors and two pension funds, namely Laborers Pension Trust Fund for Northern California and Construction Laborers Pension Trust for Southern California. In the lawsuit, they alleged the values of their investments were severely impacted by the losses incurred on the mortgage bonds during the financial crisis.

According to a statement issued by JP Morgan Chase, this settlement represents, on a percentage basis, "the largest recovery ever achieved in an MBS purchaser class action."

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Published on Jul-23-15


Posted by

I lost alot in bonds residential mortgage-backed securities.


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