JP MORGAN AND CREDIT SUISSE PAY USD 400 MILLION TO SETTLE SEC MORTGAGE SECURITY INFORMATION CLAIMS
November 1st, 2012
BY KEITH NUTHALL
Financial service giants JP Morgan and Credit Suisse have agreed to pay more than USD400 million combined to settle claims made by the USA's Securities and Exchange Commission (SEC) that they misled investors in their residential mortgage-backed securities (RMBS) offerings.
JP Morgan agreed to pay USD296.9 million for "misstating information about the delinquency status of mortgage loans" that were collateral for an RMBS offer it underwrote in 2006. The settlement also covers SEC claims over Bear Stearns' failure to disclose it kept ...
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