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Investment banks to settle lawsuit

October 10, 2009|Times Wire Reports

JPMorgan Chase & Co. and two other investment banks have agreed to pay $100 million to settle a lawsuit over their contribution to investor losses in the collapse of American Business Financial Services Inc., the bankruptcy trustee's lawyer said.

The banks, including then-independent Bear Stearns, Credit Suisse Group and Morgan Stanley, deny any wrongdoing in settlement documents to be filed in a Philadelphia court, lawyer Steven Coren said. JPMorgan, which took over Bear Stearns last year, is to pay $55 million, Coren said.

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