JPMorgan $280 Million Mortgage Accord Gets Preliminary Court Approval

wochit business
May 05, 2014 AT 7:33 AM
JPMorgan Chase & Company has won preliminary approval from a U.S. judge for its agreement to pay $280 million to resolve claims that it misled investors in billions of dollars worth of mortgage-backed securities. 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.