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JPMorgan Settles Sec Lending Suit
Bank to pay $150 million to three union pension funds claiming losses from its securities lending program.
JPMorgan Chase & Co. will pay $150 million to settle a lawsuit claiming losses from the bank’s securities lending program, according to court papers.
The suit was filed by three union pension funds, which represented a class of all investors in a group of structured debt securities. The settlement was announced last month. The parties disclosed the terms of the agreement in a filing in Manhattan federal court March 16.
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