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JPMorgan to Bear Brunt of Bear Stearns Suit
[ by Melanie Gretchen ]
When JPMorgan Chase purchased Bear Stearns in 2008, who knew it would also be inheriting its woes? Apparently everybody.
A federal task force has set its sights on the largest bank by assets and is suing Bear Stearns and its lending unit, EMC Mortgage, The New York Times has reported. That can't be a new project. In response, JPMorgan spokesman Joseph Evangelisti called them "recycling claims." No surprise there, either.
The civil lawsuit, citing "a broad pattern of misconduct in the packaging and sale of mortgage securities during the housing boom," is the first case brought by the federal group formed to investigate mortgage fraud.
For his part, Gerald Silk, a lawyer at Bernstein Litowitz Berger & Grossmann, is looking forward to taking on this (bear of a) lawsuit.
"The government's action represents a complete validation of the cases brought by investors."
For further details, go to [Dealbook, 10/2/12]. and [NY Times, 3/17/08].
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