JPMorgan's Bad RMBS Sales Hurt Investors, Suit Says

Law360, New York (May 3, 2012, 7:46 PM EDT) -- JPMorgan Chase & Co. shareholders launched a derivative suit Thursday claiming current and former directors' sale of toxic residential mortgage-backed securities to Fannie Mae and Freddie Mac incurred the wrath of federal agencies and exposed the company to hundreds of millions of dollars in civil liabilities.

The suit, filed in New York Supreme Court by the Kentucky State District Council of Carpenters Pension Trust Fund, accuses the board of breach of fiduciary duty, waste of corporate assets and unjust enrichment that have caused substantial damage to...
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