JPMorgan, Banks Settle Lender Claims For $100M

Law360, New York (October 9, 2009, 6:03 PM EDT) -- A trustee for bankrupt lender American Business Financial Services Inc., which funded its business by publicly selling notes, has reached settlements totaling $100 million with JPMorgan Chase & Co., Morgan Stanley and Credit Suisse Group AG over their alleged role in the failed company's demise.

An attorney representing the trustee, George Miller of accounting firm Miller Coffey Tate LLP, confirmed on Friday that a settlement had been reached with those parties in suit, which was filed in the Philadelphia Common Pleas Court.

Steven M. Coren of...
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