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March 23, 2015

UPDATE 1-U.S. judge dismisses lawsuit over $13 bln JPMorgan Chase settlement

A U.S. federal judge tossed out a lawsuit brought by non-profit group Better Markets that sought to block a $13 billion settlement JPMorgan Chase & Co reached with the U.S. Justice Department over shoddy mortgage loans sold to investors before the financial crisis.

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Better Markets sued the Justice Department last February, contending that the then-record settlement reached in November 2013 was “unlawful” and gave JPMorgan Chase & Co “blanket civil immunity” for its conduct without sufficient judicial review.
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Better Markets was seeking to have the court prevent the Justice Department from enforcing the settlement until a judge reviewed it.
Better Markets Chief Executive Officer Dennis Kelleher said in a statement that the law allowing settlements remained deficient, not the advocacy group’s lawsuit.
“Such backroom deals should not be allowed in a democracy worthy of its name. We will be carefully evaluating the court’s opinion before determining our next steps,” Kelleher said.
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Read the full Reuters article by Lindsay Dunsmuir here.
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