JPMorgan, Others Duck MassMutual Claims In $650M MBS Suit

Law360, New York (February 14, 2012, 10:18 PM EST) -- A Massachusetts federal judge on Tuesday trimmed claims from nine suits filed by Massachusetts Mutual Life Insurance Co. alleging JPMorgan Chase & Co., Bear Stearns & Co. Inc. and others misrepresented mortgage-backed securities the insurer bought for $650 million.

U.S. District Judge Michael A. Ponsor granted the defendants' motions to dismiss MassMutual's claims of misstatements or omissions regarding owner-occupancy rates of the properties in the underlying mortgages, saying that many of the offering statements clearly stated the possibility of borrower misrepresentation or fraud. Only the owner-occupancy...
To view the full article, register now.