JPMorgan To Pay $500M In Landmark MBS Class Settlement

Law360, New York (May 28, 2015, 1:36 PM EDT) -- A New York federal judge signed off Wednesday on what is said to be the largest ever class action settlement revolving around the sale of mortgage backed securities, with JPMorgan Chase & Co. agreeing to plunk down $500 million to settle accusations arising from the sale of $17.58 billion in Bear Stearns Cos. securities.

U.S. District Judge Laura Taylor Swain agreed that the terms of the settlement were fair and also agreed to that class attorneys at Bernstein Litowitz Berger & Grossmann LLP and Cohen Milstein Sellers & Toll PLLC be awarded $81.25 million of the settlement funds after receiving no...

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