Aereo TV Receives Little Support from Supreme Court Justices in Copyright Case
Aereo TV Receives Little Support from Supreme Court Justices in Copyri...
Put Your Trust in Attorney Resume
Put Your Trust in Attorney Resume
Samsung Argues over Inflated Patent Damages
Samsung Argues over Inflated Patent Damages
Former Deutsche Bank Salesman Admitted to Bribery
Former Deutsche Bank Salesman Admitted to Bribery
Job Listings

JPMorgan Chase Agrees to Settle

 

 

The New York based bank, JPMorgan & Chase Co. has agreed to settle with Federal Home Loan Bank of Pittsburgh to turn over the government’s draft complaint at the center of its $13 billion deal with regulators. Back in 2009, the Federal Home Loan Bank of Pittsburgh sued JPMorgan Chase and credit-ratings companies over losses on $1.8 billion in mortgage-backed securities it bought in 2006 and 2007. The bank said in court papers, the draft complaint could provide a more detailed account of the federal investigation and reveal the name of a JPMorgan employee who cooperated with the federal investigation.

 



Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


The bank accused credit rating companies McGraw Hill Cos., and Moody’s Investors Services Inc. of assigning the highest possible ratings to mortgage-loan pools so that they could be sold to institutional investors while knowing the certificates were actually junk bonds, in their lawsuit. Bloomberg News has reported that the litigation with those two defendants is still continuing.

 

During the course of the litigation The Pittsburgh FHLB claimed it had discovered discrepancies by JPMorgan employees about material representations regarding borrowers’ reported incomes and the performance of certain income loan programs. Litigators for the Federal Home Loan Bank of Pittsburgh stated in Pennsylvania state court that they had come to an agreement, but without disclosing terms of the deal. JPMorgan Chase is the biggest U.S. lender by assets. A JPMorgan Chase spokesman, Brian Marchiony, declined to comment on the announced settlement.

 

Summary:

 

The New York based bank, JPMorgan & Chase Co. has agreed to settle with Federal Home Loan Bank of Pittsburgh to turn over the government’s draft complaint at the center of its $13 billion deal with regulators. Back in 2009, the Federal Home Loan Bank of Pittsburgh sued JPMorgan Chase and credit-ratings companies over losses on $1.8 billion in mortgage-backed securities it bought in 2006 and 2007.

 

Image credit: www.bloomberg.com

Did you like this? Share it:
JPMorgan Chase Agrees to Settle by

Tagged: , , , , ,

Jaan Posted by on January 6, 2014. Filed under Home,Legal News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.