JPMorgan, German Banks Settle $5B MBS Suits

Law360, New York (October 31, 2013, 4:04 PM EDT) -- Three German banks have settled for an undisclosed sum their allegations that JPMorgan Chase & Co. lied about the quality of $5 billion mortgage-backed securities the banks purchased, according to documents filed in New York state court.

The settling German banks include BayernLB, which bought $2.1 billion worth of the securities from JPMorgan and its predecessors Bear Stearns & Co. Inc. and Washington Mutual Inc.; Sealink Funding Ltd., an entity that acquired securities set up by affiliates of Sachsen LB, which held $2.4 billion worth of...
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