JPMorgan $280M MBS Settlement Preliminarily Approved

Law360, Los Angeles (May 02, 2014, 9:44 PM ET) -- A New York federal judge on Friday signed off on a settlement in which JPMorgan Chase & Co. affiliates will pay $280 million to end a long-running consolidated class action accusing them of misleading investors into buying $36.8 billion worth of mortgage-backed securities.

U.S. District Judge Pamela K. Chen granted preliminary approval to the deal and preliminarily certified a class believed to consist of more than 2,850 investors who bought pass-through certificates in 26 offerings issued by JPMorgan affiliate J.P. Morgan Acceptance Corp. I between May...
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