Credit union group sues JPMorgan over Bear Stearns MBS

12/17/2012 | Bloomberg

The board of the National Credit Union Administration says Bear Stearns misled four credit unions when it sold them $3.6 billion in mortgage-backed securities. Consequently, the credit union association is suing JPMorgan Chase, which bought Bear Stearns in 2008, on behalf of the four credit unions, which have since failed. The association has sued other banks over the same matter.

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