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JPMorgan settles lawsuit over defective Bear Stearns mortgage debt
January 9, 2015 / 2:52 PM / in 3 years

JPMorgan settles lawsuit over defective Bear Stearns mortgage debt

NEW YORK, Jan 9 (Reuters) - JPMorgan Chase & Co has agreed to settle class action litigation arising from Bear Stearns’ sale in 2006 and 2007 of roughly $17.58 billion of mortgage securities that proved defective, a court filing showed.

Terms were not disclosed. The agreement in principle to settle was in a letter from lawyers for JPMorgan and the plaintiff investors, which was filed on Thursday night in U.S. District Court in Manhattan. (Reporting by Jonathan Stempel; Editing by Jeffrey Benkoe)

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