JP Morgan Chase has agreed to pay $ 23 million to resolve claims mishandled pension funds with Lehman Brothers investment money.
Friday filed a court filing, Bank of New York has denied any wrongdoing, but agreed to settle the lawsuit to avoid the burden, expense and litigation distractions. United States District Court must approve before it is the ultimate solution.
The lawsuit was filed by the operating system engineers pension trusts in 2009. They claim that JP Morgan Chase deal with its capital investment failed investment firm Lehman Brothers Holdings Inc. notes issued recklessly
In September 2008 Lehman Brothers filed for bankruptcy triggered a credit crisis since the Great Depression plunged the country into its worst recession.
JP Morgan Chase (JPMorgan) A representative did not immediately respond to requests for comment.
Paul Geller, plaintiffs' lawyers said in an e-mail saying, "We are very pleased to offer our clients and the resolution of other class members," but noted that the case still requires court approval.
JPMorgan shares closed unchanged Friday $ 53.29, and in after-hours trading up 2 cents.
 



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