JPMorgan agrees $400m payout to end bond lawsuit

Jamie Dimon

JPMorgan has agreed to pay bond insurer Syncora Guarantee $400m to end lawsuits over mortgage-backed securities.

Bloomberg reports that the insurer had claimed JPMorgan and firms the bank had acquired misrepresented the quality of loans included in securitizations.

Syncora, which announced a deal on February 24th without disclosing terms, said in a February 28th annual regulatory report on its website that it’s getting $400m in cash from the lender.

JPMorgan CEO Jamie Dimon, 57, has said his preference is to settle disputes tied to behaviour from the financial crisis.

To access the complete Bloomberg article hit the link below:

JPMorgan Pays $400 Million to Settle Syncora Mortgage-Bond Suits

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image: © Steve Jurvetson

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