J.P. Morgan must pay out to AFTRA
08 June 2012 New York
Image: Shutterstock
A Manhattan judge approved J.P Morgan’s $150 million settlement of a lawsuit over losses from the bank’s securities lending programme.
The suit was filed by pension funds American Federation of Television and Radio Artists (AFTRA) Retirement Fund, the Imperial County Employees’ Retirement System, and the Investment Committee of the Manhattan and Bronx Surface Transit Operating System.
J.P. Morgan invested in pension plans' and other entities' cash collateral in medium-term notes of Sigma Finance, while at the same time extending repurchasing financing to the company.
The suit was filed by pension funds American Federation of Television and Radio Artists (AFTRA) Retirement Fund, the Imperial County Employees’ Retirement System, and the Investment Committee of the Manhattan and Bronx Surface Transit Operating System.
J.P. Morgan invested in pension plans' and other entities' cash collateral in medium-term notes of Sigma Finance, while at the same time extending repurchasing financing to the company.
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