Assured, JPMorgan Agree to End Mortgage Suits
Assured Guaranty Ltd. and JPMorgan Chase & Co. agreed to settle lawsuits filed by the bond insurer accusing the bank’s EMC Mortgage and Bear Stearns units of making misrepresentations about mortgage-backed securities, Bloomberg reports.
Assured Guaranty Corp., a New York-based unit of the Bermuda-based bond insurer, sued EMC, J.P. Morgan Securities Inc. and JPMorgan Chase Bank NA, alleging violations of representations and warranties in connection with three residential mortgage-backed securities transactions.
According to a filing with the U.S. Securities and Exchange Commission dated August 9th, JPMorgan and Assured reached an agreement settling the matter. Terms of the settlement weren’t disclosed in the filing, Bloomberg reported.
