J.p. Morgan To Pay $153.6m In Fraud Case

As the housing market began to tank in 2007, J.P. Morgan Securities sold investors a complex instrument that was secretly designed to help a hedge fund profit at their expense, the government alleged Tuesday. The investors who lost money on the deal included General Motors pension plans, the government said. J.P. Morgan agreed Tuesday to pay $153.6 million to settle civil fraud charge filed by the Securities and Exchange Commission, the agency said.

 

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