Wednesday, 27 July 2016
Last updated 14 hours ago
Aug 19 2013 | 1:07pm ET
JPMorgan Chase has settled a lawsuit stemming from the collapse of two Bear Stearns hedge funds in 2007.
The bank, which bought Bear Stearns in 2008, reached a deal with the liquidators of the two hedge funds in June. Those liquidators, who had been seeking $1.5 billion, and JPMorgan formally asked a judge to dismiss all claims and counterclaims in the case.
The collapse of the two hedge funds, the High-Grade Structured Credit Fund and a more highly-levered sister fund, helped contribute to Bear's eventual demise. The failure cost investors some $1.6 billion.