JPMorgan Reaches Tentative Settlement in AFTRA Pension Suit
February 08, 2012, 12:38 AM ESTBy Bob Van Voris
(Updates with statement in third paragraph.)
Feb. 7 (Bloomberg) -- JPMorgan Chase & Co. and the American Federation of Television and Radio Artists Retirement Fund reached an “agreement in principal” to settle a suit claiming losses from the bank’s securities lending program.
The settlement is to be announced on the plaintiffs’ website, according to a statement provided today by Stephanie Cirkovich, a spokeswoman for the federal court in Manhattan, where the AFTRA fund filed its suit.
“The parties are drafting a formal settlement agreement, to be submitted to the court for approval within approximately three weeks,” according to the statement. “The settlement terms will remain confidential until the agreement is submitted to the court. The settlement is subject to the court’s approval and to certain other conditions.”
The fund sued in 2009, claiming it lost money that New York-based JPMorgan invested for it in medium-term notes issued by Sigma Finance Corp., a structured investment vehicle that collapsed in 2008.
The case is Board of Trustees of the AFTRA Retirement Fund v. JPMorgan Chase Bank NA, 09-cv-686, U.S. District Court, Southern District of New York (Manhattan).
--Editors: Andrew Dunn, Mary Romano
To contact the reporter on this story: Bob Van Voris in New York at rvanvoris@bloomberg.net;
To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.
