Cases & Investigations
JPMorgan Acceptance Corp. I (JPMAC) Securities Litigation

As Co-Lead Counsel, Wolf Popper represented the Public Employees’ Retirement System of Mississippi (“MissPERS”) in this securities class action against JPMorgan Acquisition Corp. (“JPMAC”), certain individuals employed by it or its affiliates, and JP Morgan Securities, Inc., on behalf of investors who purchased mortgage-backed securities issued by 26 separate offering trusts. The class action was brought on behalf of investors who purchased certain mortgage passthrough certificates (mortgage-backed securities) across 26 offerings, with an initial face value of approximately $23 billion. MissPERS alleged in its consolidated complaint that the offering documents pursuant to which the JPMAC securities were sold contained misrepresentations and omitted to disclose information concerning the underwriting of the mortgage loans serving as collateral for the securities.
 
Defendants’ motion to dismiss was denied in substantial part. On July 24, 2014, the court approved the settlement of the action for $280 million, one of the largest settlements of a class action against the issuers of mortgage-backed securities. The Court found that “the representation of both sides was obviously very vigorous. The plaintiffs, I know, expended efforts in terms of pursuing the investigation, the theories, the research and the advocacy.” The Court also noted that the action “was a difficult case. Certainly in the beginning, at the time when some of the principles, the legal principles that are applied in this case, in any cases related to mortgage-backed securities, was not well established. They did yeomen’s work, I think, in trying to establish some of those principles. . . . [T]his is a good result in this particular case.”

Email: outreach@wolfpopper.com
Case Inquiries