JPMorgan Chase & Co. has bowed out of another mortgage-backed securities lawsuit, agreeing to pay about $500 million to resolve class action claims stemming from Bear Stearns’ sale of nearly $17.6 billion of the investments in the lead-up to the 2008 financial crisis.
Plaintiffs lawyers at Bernstein Litowitz Berger & Grossmann and Cohen, Milstein, Sellers & Toll told U.S. District Judge Laura Swain in a letter Thursday that their pension fund clients have reached “an agreement in principle” with JPMorgan. A person familiar with the matter, speaking on condition of anonymity, said the settlement amount is roughly $500 million. The deal was first reported by Reuters, which also pegged the value at $500 million.
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