When Robbins Geller Rudman & Dowd announced a $388 million class action settlement with JPMorgan Chase & Co. on Friday, the plaintiffs firm described it as one of the largest recoveries for purchasers of allegedly shoddy residential mortgage-backed securities. For the Robbins Geller lawyers, who could earn close to $100 million in fees for their work, the deal must be all the sweeter since they first had to defeat JPMorgan’s efforts to disqualify the firm from spearheading the case.
The agreement, which is subject to approval by U.S. District Judge Paul Oetken in Manhattan, would resolve a 6-year old case brought by investors who claimed they suffered losses on mortgage-backed securities that JPMorgan sold prior to the 2008 financial crisis. In a statement Friday, Robbins Geller hailed the settlement as the biggest yet in an MBS purchaser class action when compared with investor losses.
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