JPMorgan Chase To Pay $23M To Settle Securities Suit

Law360, Los Angeles (August 16, 2013, 9:58 PM EDT) -- JPMorgan Chase Bank NA has agreed to pay $23 million to settle a putative class action claiming it breached its fiduciary duties to a pension fund and other investors by investing its assets in Lehman Brothers Holdings Inc. notes despite knowing Lehman was about to collapse, according to court documents filed Friday.

JPMorgan and Operating Engineers Pension Trust reached the agreement in late July, consenting to end the four-year-old litigation according to a stipulation filed Friday in New York federal court. The bank has denied any wrongdoing but agreed to settle...
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