JPMorgan Pays $18M To End Bear Stearns Mortgage Suit

Law360, New York (September 03, 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.

Under the...
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