Connect with us

Investors Recover $388 Million in JP Morgan MBS Class Action

Published

on

JP morgan

After six years of intense litigation, the lead plaintiffs and court-appointed class representatives of Laborers Pension Trust Fund for Northern California and Construction Laborers Pension Trust for Southern California recovered hundreds of millions of dollars regarding nine 2007 residential mortgage-backed securities (MBS) offerings issued by JPMorgan Chase & Co. This brings near closure to one of the last remaining MBS purchaser class actions arising out of the global financial crisis. The law firm Robbins Geller Rudman & Dowd LLP helped recover US$ 388 million in the case for investors. On a percentage basis, the settlement represents one of the largest recovered in any of the 16 comparable MBS purchaser class action settlements obtained to date.

On a percentage basis, the settlement represents one of the largest recovered in any of the 16 comparable MBS purchaser class action settlements obtained to date.

The suit was initially pushed by the US$ 2.1 billion Fort Worth Employees’ Retirement Fund. The investors claimed JP Morgan misled them about the risks (credit quality of home loans) of US$ 10 billion worth of residential MBS. After the demise of investment bank Lehman Brothers, the MBS certificates were worth 62 cents or less on the dollar.

JP Morgan denied wrongdoing as part of the accord. The bank argued the underperformance of the investments were due to the economic downturn rather than the specific assets in the portfolio.

The case is Fort Worth Employees’ Retirement Fund v. J.P. Morgan Chase & Co., 09-cv-3701, U.S. District Court, Southern District of New York.

PNB to Buy Stake from Malaysian Developers in Battersea Power Station Project

Published

on

Malaysia-based Permodalan Nasional Bhd (PNB) inked plans to acquire a stake in the Battersea Power Station from Malaysian developers Sime Darby Property and SP Setia, which between them own 80 percent of the site located on the south bank of the Thames. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Will Saudi Arabian Sovereign Wealth Be the Next Giant in Hollywood?

Published

on

Saudi Arabia’s growing Public Investment Fund (PIF) is reportedly looking into investing over US$ 500 million for a 5% to 10% stake in Hollywood’s Endeavor Talent Agency, the holding company for William Morris Endeavor Entertainment LLC (WME). WME is one of the biggest players in the business, representing well-known artists across a number of different mediums – including cinema, television, music, books, and theatre – as well as a roster of professional athletes from the National Football League (NFL) and National Hockey League (NHL). Discussions are in their initial stages, however, and no commitments have been made thus far. WME is constantly gather new talent. Recently WME signed musician John Mayer and actor Nicolas Cage – both were with Creative Artists Agency (CAA).

A Logical Connection

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

AIMco Extends Loan Increase to Razor Energy

Published

on

Calgary-based Razor Energy Corporation, a listed junior oil and gas company, locked in an increase of C$ 15 million regarding its non-revolving term loan facility from the Alberta Investment Management Corporation (AIMCo). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.