JPMorgan Chase & Co. agreed to pay $1.42 billion in cash to resolve a lawsuit which accused the bank company of draining exhausting Lehman Brothers Holdings Inc., which crumbled on September 15, 2008.
The move settles a huge part of an $8.6 billion case accusing JPMorgan of draining its leverage as the investment firm’s primary clearing bank to move billions of dollars of collateral into their account before Lehman’s bankruptcy six years ago.
The settlement, resolving Lehman’s claims to JPMorgan’s decision to shut thousands of derivatives trades, needs to secure approval by Manhattan Judge Shelley Chapman.
The material has been provided by InstaForex Company – www.instaforex.com