The Traderszone Network

Published in TZ Latest News 25 January, 2016 by The TZ Newswire Staff

JPMorgan to pay $1.42 billion cash to settle most Lehman claims

JPMorgan Chase & Co (JPM.N) will pay $1.42 billion in cash to resolve most of a lawsuit accusing it of draining Lehman Brothers Holdings Inc of critical liquidity in the final days before that investment bank’s September 2008 collapse. The settlement was made public on Monday, and requires approval by U.S. Bankruptcy Judge Shelley Chapman in Manhattan. It resolves the bulk of an $8.6 billion lawsuit accusing JPMorgan of exploiting its leverage as Lehman’s main “clearing” bank to siphon billions of dollars of collateral just before Lehman went bankrupt on Sept.

read more