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JPMorgan, Others Sued Over Insurer's $650M MBS Buy

Law360 (April 8, 2011, 9:02 PM EDT) -- Massachusetts Mutual Life Insurance Co. sued JPMorgan Chase & Co., Bear Stearns & Co. Inc. and Washington Mutual Bank NA on Friday for allegedly misrepresenting mortgage-backed securities the insurer had bought for $650 million.

MassMutual's suit filed in the U.S. District Court for the District of Massachusetts accused units and officers of the defendant companies of misrepresenting the details of mortgage loans that backed 33 securities the insurer had purchased.

The suit against the companies is the latest attempt to recoup money from issuers of mortgage-backed...
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