Stichting Pensioenfonds ABP, the biggest Dutch retirement fund, said it settled a lawsuit with JPMorgan Chase & Co. (JPM) over sales of residential mortgage-backed securities.
“ABP is very content to have reached this settlement and is pleased that JPMorgan was willing to reach a mutually satisfactory conclusion of this litigation,” the Heerlen, Netherlands-based fund said today in an e-mailed statement. Harmen Geers, a spokesman for ABP, declined to comment on the amount of the settlement.
The suit, filed in state court in Manhattan in December 2011, accused the bank of negligent misrepresentation, alleging the sales were based on false and misleading statements. New York-based JPMorgan has denied and continues to deny these claims, ABP said in today’s statement. A JPMorgan spokesman declined immediate comment when called by Bloomberg News.
ABP has sued other banks in the same court over similar allegations, including Deutsche Bank AG, Credit Suisse Group AG, Morgan Stanley and Goldman Sachs Group Inc. ABP serves as the pension fund for Dutch public educational and government workers and had about 274 billion euros ($356 billion) of available assets at the end of the third quarter.
The case is Stichting Pensioenfonds ABP v. JPMorgan Chase & Co., 653383/2011, New York State Supreme Court (Manhattan).
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