JPMorgan Chase & Co. will pay $150 million to settle alawsuit claiming losses from the bank's securities lending program,according to court papers.
|The suit was filed by three union pension funds, whichrepresented a class of all investors in a group of structured debtsecurities. The settlement was announced last month. The partiesdisclosed the terms of the agreement in a filing in Manhattanfederal court March 16.
|The funds claim they lost money that New York-based JPMorganinvested for them in medium-term notes issued by Sigma FinanceCorp., a structured investment vehicle that collapsed in 2008.
|The union pension funds representing the class are the AFTRARetirement Fund, the Imperial County Employees' Retirement Systemand the Investment Committee of the Manhattan and Bronx SurfaceTransit Operating System.
|The settlement must be approved by a judge before it can takeeffect.
|The case is Board of Trustees of the AFTRA Retirement Fund v.JPMorgan Chase Bank NA, 09-cv-686, U.S. District Court, SouthernDistrict of New York (Manhattan).
|Bloomberg News
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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