You are here

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

JPMorgan, the largest US lender, argued all of the assets selected for the portfolios had investment grade rating, that the bank concluded they were safe investments after conducting "significant due diligence".

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...

Market voices on: