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J.P. Morgan To Pay $388M To Settle Federal Securities Fraud Claims

Mealey's (July 27, 2015, 9:33 AM EDT) -- NEW YORK — J.P. Morgan Chase & Co. on July 17 agreed pay $388 million to settle claims that it violated provisions of federal securities law by misrepresenting the investment quality of certain mortgage-backed securities it sold to investors, according to court documents filed in New York federal court (Forth Worth Employees’ Retirement Fund v. J.P. Morgan Chase & Co., et al., No. 09-3701, S.D. N.Y.).

(Motion for preliminary approval of settlement available. Document #57-150817-005B. Settlement agreement available. Document #57-150817-006B.)

Under the terms of the settlement,...
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