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Stories of Interest
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
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NEWSLETTERS & ALERTS
JPMorgan to Pay $400Mn to Settle Toxic MBS Litigation
JPMorgan has settled a $2 billion lawsuit by agreeing to pay $400 million to the U.K. subsidiaries of Ambac Assurance and Assured Guaranty. The insurers were suing over toxic mortgage-backed securities that the investment bank sold to the insurers and their clients just prior to the 2008 credit crisis. Thus ends, yet, another credit crisis lawsuit.
JPMorgan had invested ScottishRe funds in non-agency mortgage-backed securities and, according to the plaintiffs, ignored its investment mandate by continuing to buy mortgage bonds even as warning signs of a market deterioration began to multiply. Scottish Re and its associated securitization vehicles subsequently were hit by multiple downgrades from ratings agencies, which left them with heavy losses.