JPMorgan Settles Pittsburgh Bank Suit Probing U.S. Deal
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JPMorgan Chase & Co. agreed to settle a Pittsburgh lender’s lawsuit after a judge ordered the New York-based bank to turn over the government’s draft complaint at the center of its $13 billion deal with regulators.
Lawyers for the Federal Home Loan Bank of Pittsburgh said yesterday in Pennsylvania state court that they had reached an agreement, without disclosing terms of the deal. The Pittsburgh FHLB sued JPMorgan and credit-ratings companies in 2009 over losses on $1.8 billion in mortgage-backed securities it bought in 2006 and 2007.