To Get Help Now
Click Here
 
Today's Date:

SEC and JPMorgan Chase & Co Reach $153.6 Million Settlement

AddThis Social Bookmark Button

The settlement, which U.S, District Judge Richard Berman called “another important step for the financial industry and the SEC in righting the wrongs of the recent financial crisis,” was over civil charges that JPMorgan’s collateralized debt obligation (CDO), marketed as Squared CDO 2007-1, defrauded bank investors at the time of the housing collapse, as reported by Reuters.

An attorney for JPMorgan Chase & Co said that the allegations had been thoroughly investigated and that “ a fair and reasonable agreement” had been reached. An attorney for the SEC said that settlement was in the interest of the parties involved and the public interest.

The SEC said that JPMorgan sold $150 million of Squared CDO 2007-1 notes worldwide, and that they lost their value in just 10 months.

SEC enforcement chief Robert Khuzami told Reuters that the agency continues to pursue individuals, even though no individual bankers were named in the JPMorgan case, and has charged nearly 50 people in cases related to the 2008 crash.

SEC chairman Mary Schapiro said the agency will continue to bring charges against banks and that they “have a pretty full pipeline of post-crisis cases.”

 

 

breakinglawsuitnews.com disclaimer: This article: SEC and JPMorgan Chase & Co Reach $153.6 Million Settlement was posted on Thursday, June 30th, 2011 at 7:01 pm at breakinglawsuitnews.com and is filed under Fraud Lawsuits.

« »

Leave a Reply

You must be logged in to post a comment.