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JPMorgan to pay $500 million in mortgage settlement

By Jonathan Stempel NEW YORK (Reuters) – JPMorgan Chase & Co has agreed to pay $500 million to end more than six years of class action litigation over Bear Stearns' sale of $17.58 billion of mortgage securities that proved defective during the U.S. housing and financial crises. The all-cash settlement was made public late Monday, and requires approval by U.S.

JPMorgan to pay $500 mln in mortgage settlement

JPMorgan Chase & Co has agreed to pay $500 million to end more than six years of class action litigation over Bear Stearns' sale of $17.58 billion of mortgage securities that proved defective during the U.S. housing and financial crises. The all-cash settlement was made public late Monday, and requires approval by U.S. District Judge Laura Taylor Swain in Manhattan. It resolves claims that Bear …