JPMorgan Gets MBS Class Action Pared

Law360, New York (December 13, 2011, 10:33 PM EST) -- A New York federal judge on Tuesday trimmed a putative class action accusing affiliates of JPMorgan Chase & Co. of misleading investors into buying $36.8 billion worth of mortgage-backed securities, ruling the lead plaintiff didn't have standing to make claims on certificates it hadn't bought.

U.S. District Judge Edward R. Korman dismissed claims brought by the Public Employees' Retirement System of Mississippi, or MissPERS, covering 25 pass-through certificates issued by JPMorgan affiliate J.P. Morgan Acceptance Corp. I, because MissPERS never had bought or held those certificates...
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