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June 22, 2011

JPMorgan Pays $153.6 Million to Settle Fraud Case 
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The banking giant JPMorgan Chase has agreed to pay $153.6 million to
settle allegations it deceived clients into buying risky mortgage backed
securities in the run-up to the nation’s financial meltdown. A lawsuit
filed by the Securities and Exchange Commission on Tuesday accuses
JPMorgan Chase of failing to tell investors that a complex investment
product it sold in 2007 was partially designed by a hedge fund that
would profit if the security lost value. The suit comes just one day
after the National Credit Union sued JP Morgan Chase, as well as the the
Royal Bank of Scotland, citing similar allegations.



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