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.
The funds claim they lost money that New York-based JPMorgan invested for them in medium-term notes issued by Sigma Finance Corp., a structured investment vehicle that collapsed in 2008.
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