BUSINESS
12/17/2012 12:28 pm ET

JPMorgan Chase Sued For $3.6 Billion Over Claims Bank Misrepresented Shoddy Securities

Dec 17 (Reuters) - The National Credit Union Administration sued JPMorgan Securities and Bear Stearns & Co on Monday over alleged misconduct in the sale of $3.6 billion in mortgage securities to credit unions that collapsed on losses from the securities.

Bear Stearns made misrepresentations in connection with the underwriting and subsequent sale of mortgage-backed securities to U.S. Central, Western Corporate, Southwest Corporate and Members United Corporate federal credit unions, the lawsuit alleged.

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