J.P. Morgan To Pay $425M Over IPO Charges

Law360, New York (April 20, 2006, 12:00 AM EDT) -- J.P. Morgan Chase & Co. has agreed to fork over $425 million to settle a securities class action lawsuit that accused the investment bank, and many of its competitors, of manipulating the value of initial public offerings during the so-called Internet bubble.

The suit was filed against J.P. Morgan and 53 other underwriters on behalf of investors by New York-based powerhouse law firm Milberg Weiss Bershad & Schulman LLP. The firm is seeking billions of dollars in damages.

As the first to settle the varied charges,...
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