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JP Morgan Settles $18.3 Million Lawsuit

Mortgage News > JP Morgan Settles $18.3 Million Lawsuit
Date: 09/06/2013    JP Morgan Settles $18.3 Million Lawsuit

JP Morgan finally settled a 2007 law suit brought against Bear Stearns, a firm JP Morgan acquisitioned in June 2008.

Accusations claimed that JP Morgan and Bear Stearns were knowingly concealing information in regards to a borrower’s interest rate on his/her mortgage with variable, or adjustable rates. The concealed information covered the fact the principal balance of the borrower’s loan would rise when only the minimum monthly payment was made.

JP Morgan agreed to settle the case paying $18.3 million in restitution.

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