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January 03, 2012

JPMorgan Sued For $95 Million Over Mortgage Securities

(Bloomberg News) JPMorgan Chase & Co., the biggest U.S. bank by assets, was sued for about $95 million over mortgage loans bundled into securities.

JPMorgan “materially breached” representations about loans backing the securities, a mortgage-securitization trust said in a summons filed Dec. 30 in New York State Supreme Court in Manhattan.

The Bear Stearns trust is seeking damages of at least $95 million, according to the court filing. Bear Stearns Cos., which was acquired by JPMorgan, and EMC Mortgage Corp. are also named as defendants.

Jennifer Zuccarelli, a JPMorgan spokeswoman, declined to comment on the lawsuit.

The case is Bear Stearns Asset Backed Securities Trust 2005-4 v. EMC Mortgage Corp., 650003-2011, New York State Supreme Court (Manhattan).

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