JPMorgan faces $2.2B Fraud Lawsuit over Bonds
Reuters cited by RGM Communications via Wayback, 3 February 2006
JPMorgan Chase faces a civil lawsuit accusing the No. 3 U.S. bank of defrauding bond investors and others out of at least $2.2 billion over more than 20 years.
The lawsuit, filed Tuesday with the U.S. District Court in Brooklyn, seeks class-action status.
It accuses New York-based JPMorgan and its predecessors of deleting records for $46.8 billion of bonds that investors had not cashed in, covering up its errors, refusing to pay back bondholders, and collecting fees it did not deserve.
