JPMorgan, Bear Stearns' $18M Class Settlement Approved

Law360, Los Angeles (February 3, 2014, 9:44 PM EST) -- JPMorgan Chase & Co. and other banking defendants, including now-defunct Bear Stearns Cos., received final approval from a California federal judge Monday for an $18 million settlement of a class action alleging Bear Stearns used misleading loan documents to dupe homeowners into purchasing adjustable-rate mortgages.

In a fairness hearing on Monday, U.S. District Judge S. James Otero issued an order granting final approval to the $18.2 million settlement that resolves the class' claims under the Truth in Lending Act that accused Bear Stearns of defrauding them into buying adjustable-rate mortgages.

In granting approval to the settlement, Judge Otero cited the fact...

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