JPMorgan in $23 million settlement with clients over Lehman Brothers

[OhioChick]

Source: Reuters

By Reuters | 17 Aug, 2013, 01.17AM IST

NEW YORK: JPMorgan Chase & Co agreed to pay $23 million to settle a lawsuit accusing it of mishandling money of pension funds and other clients by investing it in notes from Lehman Brothers Holdings Inc, which later went bankrupt.

The largest U.S. bank denied wrongdoing in agreeing to settle, and entered the settlement solely to eliminate the burden and cost of litigation, according to papers filed on Friday with the U.S. District Court in Manhattan.

Lawyers for the plaintiffs called the settlement terms fair, reasonable and adequate, according to Friday's filing. The settlement requires approval by U.S. District Judge Katherine Forrest in Manhattan.

The case over the Lehman notes had been bought on behalf of participants in JPMorgan's securities lending program, led by the Operating Engineers Pension Trust of Pasadena, California, and had sought class action status.

Read more: http://economictimes.indiatimes.com/news/international-business/jpmorgan-in-23-million-settlement-with-clients-over-lehman-brothers/articleshow/21870061.cms

[Cerridwen]

1. Anyone know how much morgan makes in a day...

or an hour?

What is 23M as a percentage of their daily intake?

Slap on the wrist?

A couple’a days pay?

Oh well. It's just business; nothing personal.

Kinda like haliburton, ya know?

[Iliyah]

2. Thats it???

[bhikkhu]

3. Well, it was to settle just one case without protracted legal wrangling

rather than decades of wrongdoing.