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.
The National Credit Union Administration (NCUA) has filed suit in Federal District Court in Kansas against J.P. Morgan Securities and Bear, Stearns & Co., alleging violations of federal and state securities laws in the sale of $3.6bn in mortgage-backed securities to four corporate credit unions.
JPMorgan's CEO Jamie Dimon talks about the U.S. financial crisis, bank bailouts and his company's decision to buy Bear Stearns.
New York State Attorney General Eric Schneiderman’s fraud lawsuit against JPMorgan Chase for the misdeeds that occurred at Bear Stearns Cos. has sent exactly the wrong message to Wall Street: Don’t worry, you can get away with seemingly criminal behavior.
The taskforce charged with prosecuting US banks behind the excesses of the housing boom and bust has brought its first case – to mixed reviews.