NY judge orders JPMorgan to pay $50 million in MBS suit
According to Law360, a New York state judge ordered JPMorgan Chase (JPM) to pay a Russian billionaire more than $50 million. An affiliate of the bank reportedly breached a contract by filling the investor's conservative cash-management account with risky mortgage-backed securities. Law360 has more:
In an Aug. 21 decision made public Monday, Judge Melvin L. Schweitzer said JPMorgan Investment Management Inc. breached its contract with Leonard Blavatnik by exceeding the 20% cap on mortgage-backed securities allowed under its agreement.