JP Morgan, Deutsche Bank Settle With TeleNav Investors

Law360, New York (October 11, 2011, 10:42 PM EDT) -- J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. have reached a $3.8 million settlement in a class action claiming the banks misled investors about GPS technology company TeleNav Inc.'s initial public offering, according to court documents filed Friday.

The suit, filed in September 2010, claimed J.P. Morgan, Deutsche Bank and a slew of individual defendants allowed TeleNav to omit from its IPO information about contracts with Sprint Nextel Corp. — TeleNav's biggest customer.

The agreement resolves all claims and would allocate settlement funds at approximately...
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