JPMorgan Chase & Co. will pay $150 million to pension fund investors to settle a case alleging the bank ignored the warning signs and invested in risky debt securities of Sigma Finance Inc. in violation of ERISA and New York common law.
Lawyers for lead plaintiffs, the American Federal of Television and Radio Artists (AFTRA), filed a memorandum on March 16 urging Judge Shira Scheindlin to approve the settlement of claims by AFTRA and other funds that the bank “imprudently” invested cash collateral in Sigma notes and breached its duty to avoid conflicts of interest. The bank did not admit liability in the settlement.
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