NY A.G. Sues JPMorgan

    FILE- In this Thursday, May 10, 2012, file photo, automobiles pass a JP Morgan Chase building  in New York. JPMorgan Chase stock declined more than 2 percent on Thursday, making it one of the worst-performing banks, after a published report said its loss on a bad trade could be far higher than the bank first estimated.  (AP Photo/Frank Franklin II)

    Frank Franklin II/ AP Photo

    New York Attorney General Eric Schneiderman filed a civil complaint against JPMorgan Chase for fraud in the selling of mortgage-backed securities. Schneiderman is the co-chairman of a presidential task force formed in January to investigate possible civil and criminal misconduct in the formation and sale of mortgage-backed securities. The allegation is over securities issued by the investment bank Bear Stearns in 2006 and 2007. JPMorgan acquired Bear Stearns in March 2008.

    Read it at The New York Times