JPMorgan Chase $280M MBS case gets preliminary court approval
JPMorgan Chase (JPM) won preliminary court approval from a U.S. judge for its agreement to pay $280 million to resolve claims tied to $36.8 billion in mortgage securities issued in 2006 and 2007. Per Reuters:
U.S. District Judge Pamela Chen, in Brooklyn, New York, issued the preliminary approval on Friday. The settlement, which is subject to final court approval, would resolve a class action lawsuit filed in 2008.
The accord marks the third-largest settlement in a U.S. class action against banks that packaged and sold mortgage securities at the center of the 2008 financial crisis.