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JPMorgan Settles Sec Lending Suit

Bank to pay $150 million to union pension funds claiming losses from securities lending.

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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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