Bloomberg News

JPMorgan $150 Million Securities Lending Accord Approved

June 06, 2012

JPMorgan Chase & Co. (JPM:US)’s $150 million settlement of a lawsuit over losses from the bank’s securities lending program won approval from a federal judge.

The suit was filed by three union pension funds, which represent a class of investors that lost money placed for them by New York-based JPMorgan in medium-term notes issued by Sigma Finance Corp., a structured investment vehicle that collapsed in 2008.

The union pension funds representing the class are the AFTRA Retirement Fund, the Imperial County Employees’ Retirement System and the Investment Committee of the Manhattan and Bronx Surface Transit Operating System.

U.S. District Judge Shira Scheindlin in Manhattan approved the settlement in an order signed yesterday and made public today.

The case is Board of Trustees of the AFTRA Retirement Fund v. JPMorgan Chase Bank NA, 09-cv-00686, U.S. District Court, Southern District of New York (Manhattan).

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.


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  • JPM
    (JPMorgan Chase & Co)
    • $60.24 USD
    • -0.09
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