NY AG Defends Timing Of $22.5B JPMorgan MBS Suit

Law360, New York (April 8, 2013, 2:31 PM EDT) -- New York Attorney General Eric T. Schneiderman said Friday his $22.5 billion mortgage-backed securities fraud complaint against JPMorgan Chase Bank NA was not filed too late, rejecting claims by the bank that his office had only a three-year window to bring suit.

The suit, filed in October, claims JPMorgan Securities LLC — formerly known as Bear Stearns & Co. Inc. — and lending unit EMC Mortgage LLC lied about the quality of residential mortgage-backed securities that were sold in 2006 and 2007. The defendants urged a...
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