JPMorgan To Pay $500 Million In Bear Stearns Mortgage Settlement
Because it is cheaper to settle than it’s to go to court, and because the city wants this story to go away.
The deal, subject to approval by a federal judge in Indiana where the cases had been consolidated, would end nationwide litigation claiming that as a result of drivers were required to make use of firm-branded vans, uniforms and scanners, FedEx was their employer under federal and state laws. The other defendants are Barclays Plc, BNP Paribas SA, Credit Suisse Group AG, Deutsche Bank AG , Goldman Sachs Group Inc, HSBC Holdings Plc , Morgan Stanley, Royal Bank of Scotland Group Plc and UBS Group AG. The case is In re Vivendi Universal SA Securities Litigation, U.S. District Court, Southern District of New York, No. 02-05571.
JPMorgan has resolved related litigation over mortgage offerings from the previous Washington Mutual Inc, which the New York-primarily based financial institution also purchased … Read more