JPMorgan fraud settlement challenge thrown out


JPMorgan’s $13bn fraud settlement with the U.S. can’t be blocked by a watchdog group because it couldn’t prove it was harmed by the deal.

Bloomberg News reports that Better Markets’ lawsuit challenging the U.S Justice Department’s agreement with the bank was dismissed by a federal judge.

The group, founded by a hedge fund manager, 'failed to meet its burden to show it has suffered an injury in fact, and consequently it cannot demonstrate standing', U.S. District Judge Beryl Howell in Washington ruled.

The government’s agreement with JPMorgan, announced in November 2013, settled allegations that the biggest U.S. lender by assets misled investors and the public when it sold bonds backed by faulty residential mortgages.

To access the complete Bloomberg News article hit the link below:

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