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Economy - The Economy
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 Video-details
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Title
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NY Attorney General Suing JP Morgan Over Mortgage Securities
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Category
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Economy
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Rating
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Date
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October 2nd, 2012, 01:26 PM
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Description
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JP Morgan (NYSE:JPM) dealing with a lawsuit from the New York Attorney General Office this morning. It is suing the big bank for allegedly defrauding investors who lost over $20 billion on mortgage-backed securities sold by its Bear Stearns unit.
If the NY Attorney General wins the case, it could pave the way for more government actions on other banks that were tied to the securities that caused the 2008 financial crisis. JP Morgan said they will fight these claims.
The case is the first from a group of federal and state prosecutors and regulators formed by President Obama back in January.
This news not really affecting JP Morgan stock this morning. Shares of the company are trading flat at opening.
http://www.fnno.com
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Hoster
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YouTube
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Views
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2,201
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Comments
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0
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Added To VNN
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James Hawthorne
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