JPMorgan in $23 million settlement with clients over Lehman Brothers
Source: Reuters
By Reuters | 17 Aug, 2013, 01.17AM IST
NEW YORK: JPMorgan Chase & Co agreed to pay $23 million to settle a lawsuit accusing it of mishandling money of pension funds and other clients by investing it in notes from Lehman Brothers Holdings Inc, which later went bankrupt.
The largest U.S. bank denied wrongdoing in agreeing to settle, and entered the settlement solely to eliminate the burden and cost of litigation, according to papers filed on Friday with the U.S. District Court in Manhattan.
Lawyers for the plaintiffs called the settlement terms fair, reasonable and adequate, according to Friday's filing. The settlement requires approval by U.S. District Judge Katherine Forrest in Manhattan.
The case over the Lehman notes had been bought on behalf of participants in JPMorgan's securities lending program, led by the Operating Engineers Pension Trust of Pasadena, California, and had sought class action status.
Read more: http://economictimes.indiatimes.com/news/international-business/jpmorgan-in-23-million-settlement-with-clients-over-lehman-brothers/articleshow/21870061.cms
Cerridwen
(13,260 posts)or an hour?
What is 23M as a percentage of their daily intake?
Slap on the wrist?
A couplea days pay?
Oh well. It's just business; nothing personal.
Kinda like haliburton, ya know?
Iliyah
(25,111 posts)bhikkhu
(10,725 posts)rather than decades of wrongdoing.