JPMorgan Pays $18M To End Bear Stearns Mortgage Suit

Law360, New York (September 3, 2013, 3:20 PM ET) -- JPMorgan Chase & Co. and its units including Bear Stearns & Co. Inc. agreed Friday to pay $18.3 million to settle class claims over allegedly misleading loan documents for certain adjustable-rate mortgage loans that JPMorgan unit EMC Mortgage Corp. acquired.

In a motion for preliminary approval of the settlement filed in California federal court, homeowner plaintiffs said they had obtained the $18.3 million settlement that resolves their claims under the Truth in Lending Act accusing Bear Stearns of defrauding them into buying adjustable-rate mortgages.

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Case Information

Case Title

Joseph A. Monaco et al v. The Bear Stearns Companies, Inc. et al

Case Number



California Central

Nature of Suit

Truth in Lending


S. James Otero

Date Filed

July 24, 2009

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