JPMorgan's $500m Bear Stearns settlement approved

Gavel

JPMorgan’s $500m settlement with pension funds over Bear Stearns’s sale of mortgage-backed securities was approved by a federal judge.

Bloomberg News reports that Bear Stearns, acquired by JPMorgan in 2008, was accused in the lawsuit of issuing $17.6bn in faulty mortgage-backed securities.

U.S. District Judge Laura Taylor Swain in Manhattan on Wednesday approved the settlement terms as well as the plan of allocation and $81m in attorney fees. She called the agreement 'fair, reasonable and adequate' and 'in the best interests of the class'.

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

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