JP Morgan Settles Suit Over Toxic Mortgage Backed Securities for $400 Million

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JP Morgan Settles Suit Over Toxic Mortgage Backed Securities for $400 Million

US banking giant JPMorgan Chase has agreed to pay USD 400 million in a settlement for litigation filed by Syncora Guarantee Inc. over mortgage-backed securities .

Syncora said it would drop the rest of its cases against the banking giant as a result of the $400 million settlement

The securities sold to Syncora came from Bear Stearns, which JPMorgan acquired in 2008 amid the financial crisis. Syncora said JPMorgan misrepresented the quality of mortgage assets linked to the securities .

The Syncora deal comes on the heels of several major JPMorgan settlements, including a $13 billion deal with the Department of Justice in November 2013 that resolved a series of US and state lawsuits over the sale of toxic mortgage-backed securities.

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