Daily News: January 6, 2014

Bloomberg: JPMorgan Settles Pittsburgh Bank Suit Probing U.S. Deal

Bloomberg reported JPMorgan Chase announced it agreed to settle a Pittsburgh lender’s lawsuit after a judge ordered the bank to turn over the government’s draft complaint at the center of its $13 billion deal with regulators.

Bloomberg said further lawyers for the Federal Home Loan Bank of Pittsburgh said in Pennsylvania state court they had reached an agreement, without disclosing terms of the deal. The Pittsburgh FHLB sued JPMorgan and credit-ratings companies in 2009 over losses on $1.8 billion in mortgage-backed securities it bought in 2006 and 2007, Bloomberg added.

To read the entire Bloomberg article, click here.