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- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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JPMorgan to Pay $400Mn to Settle Toxic MBS Litigation
[Photo: BreakingEnergy.com]
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.
