Arab Today, arab today jpmorgan pays 400m to settle on mortgage securities
Last Updated : GMT 19:26:42
Arab Today, arab today
Arab Today, arab today

JPMorgan pays $400m to settle on mortgage securities

Arab Today, arab today

Arab Today, arab today JPMorgan pays $400m to settle on mortgage securities

New York - AFP

US banking giant JPMorgan Chase agreed to pay $400 million in cash to settle litigation filed by Syncora Guarantee Inc. over mortgage-backed securities, according to the bond insurer. Syncora said it would drop cases against JPMorgan in exchange for the $400 million payment, according to Syncora's 2013 financial statement filed Friday. The securities sold to Syncora originated from Bear Stearns, which JPMorgan acquired in 2008 amid the financial crisis. Syncora accused JPMorgan of misrepresenting the quality of mortgage assets linked to the securities. The Syncora deal comes on the heels of several major JPMorgan settlements, including a $13 billion deal with the Department of Justice in November 2013 that resolved a series of US and state lawsuits over the sale of toxic mortgage-backed securities.

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