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Stock Market & Financial Investment News

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November 16, 2012
13:44 EDTJPMJPMorgan reaches settlement with SEC regarding Bear Stearns and securities
JPMorgan announced an agreement with the SEC to settle SEC inquiries regarding disclosures in certain residential mortgage-backed securities, or RMBS, offerings issued by Bear Stearns and one issued by J.P. Morgan. The agreement is subject to court approval. As part of the agreement, J.P. Morgan Securities and the other settling entities consented to the filing of a complaint, without admitting or denying its allegations, and will pay disgorgement and penalties totaling approximately $297M. More than two-thirds of these payments relate to securities issued by Bear Stearns and are slated for return to the trusts Bear sponsored or the investors in those trusts. The SEC's complaint makes allegations under the negligence-based provisions of the federal securities laws and does not include charges of intentional misconduct. J.P. Morgan is pleased to have reached agreement with the SEC to put these matters concerning RMBS behind it. The settlement also resolves SEC claims concerning the delinquency disclosures in an RMBS offering by a J.P. Morgan affiliate in 2006. While the company has received no assurances from the SEC that additional claims will not be filed in the future, the company is unaware of any active SEC investigations into JPMorgan's RMBS activities beyond those that are being resolved.
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