JPMorgan Inks $388 Million MBS Settlement

JPMorgan agreed to pay $388 million to settle a lawsuit brought by pension investors who claimed the bank misled them about the safety of the $10 billion worth of residential mortgage-backed securities.

The latest settlement was unveiled in a court filing on Friday and is still subject to approval by a judge. However, JPMorgan denied wrongdoing as part of the accord.

JPMorgan’s settlement relates to nine 2007 MBS

The $388 million settlement pertains to nine 2007 residential mortgage-backed securities offerings issued by JPMorgan. The latest settlement brings to a successful conclusion one of the last remaining MBS purchaser class actions...