JP Morgan’s $75 million settlement with investors in its stable value funds received final approval from the Southern District of New York, ending a class action claiming the funds were over-invested in risky, mortgage-related assets.
Judge Vernon S. Broderick also awarded $25 million in fees and nearly $1.5 million in expenses to the investors’ lawyers. They litigated for more than seven years on behalf of a certified class of “hundreds of thousands” of people who invested their retirement savings in JPMorgan stable value funds.
The class’s 12 representatives received service awards of $20,000 each under Broderick’s Sept. 23 orders.
The ...
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