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JPMorgan Chase pays US$1.42b to settle most of Lehman Bros suit

[NEW YORK] JPMorgan Chase has agreed to pay US$1.42 billion to settle most of the litigation relating to the bankruptcy of Lehman Brothers, according to court documents seen Tuesday.

Lehman Brothers had accused JPMorgan Chase of draining its liquidity just before the US banking and financial services company declared bankruptcy in September 2008, a move that shook the global financial system to the core.