JPMorgan Chase & Co has been sued for $95 million by the trustee for securities

by **Happy Life** Tue Jan 03, 2012 5:36 pm

Tue Jan 3, 2012 2:40pm EST

(Reuters)
- JPMorgan Chase & Co has been sued for $95 million by the trustee
for securities marketed in 2005 by the former Bear Stearns Cos over
alleged misrepresentations regarding the underlying mortgage loans.

US Bank NA wants to force
JPMorgan to buy back the mortgage loans because of alleged breaches of
representations and warranties regarding the Bear Stearns Asset Backed
Securities Trust 2005-4, for which it serves as trustee.
It
also accused the largest U.S. bank by assets of refusing to provide the
underlying loan files, as the trust documents require, so it can
investigate the extent of the alleged breaches.
The
unit of US Bancorp said it made its request at the direction of a
majority certificate holder in the trust. US Bank also sued Bear Stearns
and its former EMC Mortgage Corp unit. JPMorgan bought Bear Stearns in
2008.
JPMorgan spokeswoman Jennifer Zuccarelli declined to comment.
The lawsuit was filed on Friday in the New York State Supreme Court in Manhattan, and publicly docketed on Tuesday.
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http://www.reuters.com/article/2012/01/03/us-jpmorgan-bearstearns-lawsuit-idUSTRE8021AJ20120103