NEW YORK — A federal judge on September 3 issued summary judgment to Bear Stearns Asset Management Inc., which is owned by JPMorgan Chase & Co., in a $3 billion dispute brought by Bank of America Corp. over a failed collateralized debt obligation.
Bank of America sued Bear Stearns in October 2008, alleging fraud and breach and contract. Bank of America and Bear Stearns collaborated on a $4 billion collateralized debt obligation, with two Bear Stearns hedge funds supplying the CDO's underlying mortgages. In June 2007 the hedge funds collapsed, and Bank of America lost nearly $3 billion on the CDO.
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