JP Morgan Chase and Co. has agreed to pay $500 million to settle a class-action brought by pension funds over $18 billion in mortgage-backed securities sold by Bear Stearns, according to the Wall Street Journal.
JP Morgan purchased Bear Stearns in March of 2008, as mounting investor losses in mortgage-backed securities forced the firm's collapse.
Last week, plaintiffs filed a letter in U.S. District Court in Manhattan informing the court of the agreement and asking for a deadline of Feb. 2 for both sides to lay out details for a preliminary approval of the settlement.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
