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Two insurers claim JPMorgan caused them over US$1b in losses
Cases are centred around home-loan pools that were a central part of the housing bubble in the US
Published Tue, Mar 14, 2017 · 09:50 PM
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New York
JPMORGAN Chase & Co stuffed two investment accounts with risky mortgage bonds almost a decade ago as the housing market started to crumble, lawyers for two insurance companies told a state judge, causing their clients to lose more than US$1 billion.
"They saw steadily increasing risks and bad news and they did nothing in response," said Michael Allen, a lawyer for Ambac Assurance UK Ltd. JPMorgan was reckless f…
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