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Regulator Sues JPMorgan

The National Credit Union Administration, the federal agency in charge of regulating and supervising credit unions, filed a $3.6 billion lawsuit today against JPMorgan Chase in federal court in Kansas. The NCUA alleges that Bear Stearns, the high-flying investment bank that JPMorgan bought with Federal Reserve assistance in 2008, violated federal and state laws by misrepresenting $3.6 billion worth of mortgage-backed securities it sold to four credit unions. All four of the credit unions subsequently became insolvent. The NCUA has filed similar suits against six other banks.

December 17, 2012 12:41 PM