JP Morgan Chase is facing a £61m lawsuit from investors who claim that Bear Stearns, which the bank purchased in 2008, mis-sold mortgage-backed debt over several years leading to the financial crisis.
US Bancorp, a trustee for a fund run by Bear Stearns would like JP Morgan to buy back the bonds. The lawsuit, filed in New York, claims that JP Morgan refuses to hand over documents that Bancorp claims would ensure the investigation of alleged misrepresentation of the bonds more easy.
Four years after the eruption of the credit crunch, Wall Street companies are still facing many lawsuits from investors who claim they were mis-sold mortgage-backed bonds.
The lawsuit does not seem to have affected JP Morgan's shares.
The company refused to comment on this specific lawsuit from Bancorp.
Mis-sold Mortgage Claims > Mortgage News
JP Morgan Faces GBP61m Mis-selling Claim
Wed, 04 Jan 2012
Recommended links
Mortgage Fraud PeaksMissold Financial Products Scandal Poses Question of Trust
Have I Been Missold
The Mortgage Process
Missold Mortgage Claims Process
Mortgage Arrears and Repossession
Specialist and Sub Prime Lenders
Missold Mortgages in Scotland
Mis Sold PPI Claims
Mis Sold Mortgage PPI Claims
Debt Help
Free Mortgage Review
Lloyds TSB Has Missold 1.64 Million Payment Protection Insurance Policies
UK Banks to Face US Missold Mortgages Suit
FCA could stop mortgage mis-selling
New FSA body could stop mortgage mis selling
Mortgage Industry Accused of Compulsion to Missell Mortgages
Brokers May have Missold Mortgages when Selling PPI
Missold Mortgages Compensation to be Paid by Mortgage Lender
Mis-sold claims may suffer as Financial Ombudsman Service has funding shortfall
Mortgage brokers share mixed optimism over 2011 with lender changes
Banks arrogance over mis-sold claims causes uproar
Mortgage mis selling hits repossessions
Mis-sold mortgages ad found to be misleading
Mis-sold mortgages contribute to financial complaints
Mis-sold products see increase in complaints to Financial Ombudsman Service
Mis-sold Mortgages advert banned
New government to crack down on mis-sold mortgages
Record number of Mis-sold mortgages and complaints revealed
Concerns over increase in insolvency linked to mis-sold mortgages
Consumer help for mis-sold mortgage claims
| Mortgage Fraud Rises for Fifth Consecutive Year - Wed, 16 May 2012 |
| Homebuyers Avoid Mortgage Protection due to PPI Scandal - Fri, 11 May 2012 |
| Lenders No Longer Going Ahead with Mortgage Fraud Squad Plan - Wed, 09 May 2012 |
| More News |