JPMorgan to pay Lehman $797.5 million to end litigation over collapse

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JPMorgan to pay Lehman $797.5 million to end litigation over collapse

JPMorgan to pay Lehman $797.5 million to end litigation over collapse

Reuters-

JPMorgan Chase & Co (JPM.N) will pay $797.5 million in cash to end all litigation brought on behalf the former Lehman Brothers Holdings Inc, whose September 2008 collapse triggered a global financial crisis.

The settlement made public on Wednesday requires approval by U.S. Bankruptcy Judge Shelley Chapman in Manhattan.

It follows JPMorgan’s agreement last January to pay $1.42 billion in cash to resolve most other claims, in what had been an $8.6 billion lawsuit against the largest U.S. bank to recoup money for Lehman creditors.

[REUTERS]

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