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'.
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