JPMorgan reached a preliminary settlement to pay $500m to resolve a lawsuit over $17.6bn of faulty mortgage-backed securities issued by Bear Stearns, according to a person familiar with the agreement who asked not to be named because the information isn’t public.
He wanted a cheap casket.
Perhaps the greatest of them all in the modern era.
Alan C. 'Ace' Greenberg (born September 3, 1927, died 25 July, 2014) was a former Chairman of the Executive Committee of The Bear Stearns Companies, Inc.
The boss of America's biggest bank, JP Morgan, was on Thursday personally negotiating a new financial settlement with US regulators over allegations stemming from the way the bank sold sub-prime mortgage bonds before the banking crisis. The settlement could reach a record $11bn (£7bn)
Two former Bear Stearns managers claim another victory.
U.S. District Judge John Lungstrum said the National Credit Union Administration may pursue civil claims that the bank and two companies it bought, Bear Stearns and Washington Mutual, misrepresented the quality of dozens of securities sold to four credit unions in 2006 and 2007.
JPMorgan Chase’s Bear Stearns Asset Management has won dismissal of a lawsuit by Bank of America Corp. over a collateralized debt obligation transaction that resulted in billions of dollars in losses.
JPMorgan Chase has agreed to pay $18.3m to settle claims that its Bear Stearns unit failed to disclose the actual interest rates on adjustable-rate mortgage documents.
JPMorgan Chase won a court victory that may have saved it $769 million dollars.