Defendant Name: J.P. Morgan Acceptance Corporation I

Defendant Type: Subsidiary of Public Company
Public Company Parent: JPMorgan Chase & Co.
SIC Code: 6211
CUSIP: 46625H10

Initial Case Details

Legal Case Name SEC v. J.P. Morgan Securities LLC, EMC Mortgage, LLC, Bear Stearns Asset Backed Securities I, LLC, Structured Asset Mortgage Investments II, Inc., SACO I, Inc., and J.P. Morgan Acceptance Corporation I
First Document Date 16-Nov-2012
Initial Filing Format Civil Proceeding
Case Number 12-cv-01862
Allegation Type Securities Offering
Federal District Court District of Columbia, District of Columbia

Violations Alleged

Securities Act
Sec 17(a)(2)
Sec 17(a)(3)

Resolutions

First Resolution Date 16-Nov-2012
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

comp-pr2012-233 16-Nov-2012 Complaint
Complaint
According to the SEC's Complaint: "This case concerns violations of the federal securities laws by entities affiliated with The Bear Stearns Companies, LLC (collectively 'Bear'), JP Morgan [J.P. Morgan Securities LLC], and JPMAC [J.P. Morgan Acceptance Corporation I] in connection with billions of dollars of offerings of residential mortgage-backed securities ('RMBS') collateralized largely by sub-prime mortgage loans. The violations resulted from (a) Bear's undisclosed practice, in connection with RMBS offerings, of negotiating cash settlements with mortgage loan originators on loans that violated the representations, warranties, and covenants made to Bear by the originators after the loans were securitized but keeping the consideration received without notifying the trusts that owned the loans and (b) the inclusion of delinquent loans in a December 2006, $1.8 billion RMBS offering that was underwritten by JP Morgan and collateralized by loans that JPMAC had purchased from WMC Mortgage Corporation (or 'WMC')."
LR-22533 16-Nov-2012 Litigation Release
SEC Charges J.P. Morgan Securities LLC With Misleading Investors in RMBS Offerings
On November 16, 2012, the SEC announced that it filed a civil action against J.P. Morgan Securities LLC ("JP Morgan"), EMC Mortgage, LLC, Bear Stearns Asset Backed Securities I, LLC, Structured Asset Mortgage Investments II, Inc., SACO I, Inc., and J.P. Morgan Acceptance Corporation I. The Litigation Release stated: "The SEC alleges that JP Morgan misstated information about the delinquency status of mortgage loans that provided collateral for an RMBS offering in which it was the underwriter. JP Morgan received fees of more than $2.7 million, and investors sustained losses of at least $37 million on undisclosed delinquent loans. JP Morgan also is charged for Bear Stearns' failure to disclose its practice of obtaining and keeping cash settlements from mortgage loan originators on problem loans that Bear Stearns had sold into RMBS trusts. The proceeds from this bulk settlement practice were at least $137.8 million."
2012-233-J.P. Morgan 16-Nov-2012 Press Release--Civil Action
SEC Charges J.P. Morgan and Credit Suisse With Misleading Investors in RMBS Offerings
On November 16, 2012, the SEC announced: "In coordination with the federal-state Residential Mortgage-Backed Securities Working Group, the Securities and Exchange Commission today charged J.P. Morgan Securities LLC and Credit Suisse Securities (USA) with misleading investors in offerings of residential mortgage-backed securities (RMBS). The firms agreed to settlements in which they will pay more than $400 million combined, and the SEC plans to distribute the money to harmed investors."
court_doc3_12-cv-01862 07-Jan-2013 Court Docket Document
Final Judgment as to Defendants J.P. Morgan Securities LLC, EMC Mortgage, LLC, Bear Stearns Asset Backed Securities I, LLC, Structured Asset Mortgage Investments II, Inc., SACO I, Inc., and J.P. Morgan Acceptance Corporation I
On January 7, 2013, Federal District Court Judge Robert L. Wilkins entered a final judgment order against J.P. Morgan Securities LLC, EMC Mortgage, LLC, Bear Stearns Asset Backed Securities I, LLC, Structured Asset Mortgage Investments II, Inc., SACO I, Inc., and J.P. Morgan Acceptance Corporation I. The final judgment was pursuant to the defendants' consent.
court_doc11_12-cv-01862 11-Mar-2014 Court Docket Document
Order To Establish A Fair Fund And To Appoint A Distribution Agent
The Court established a fair fund and appointed a distribution agent.
court_doc47_12-cv-01862 13-Apr-2017 Court Docket Document
Modified Final Judgment as to J.P. Morgan Securities LLC, EMC Mortgage, LLC, Bear Stearns Asset Backed Securities I, LLC, Structured Asset Mortgage Investments II, INC., SACO I, INC., and J.P. Morgan Acceptance Corporation I
The Court stated: "Defendants J.P. Morgan Securities LLC, EMC Mortgage, LLC, Bear Stearns Asset Backed Securities I, LLC, Structured Asset Mortgage Investments II, Inc., SACO I, Inc., and J.P. Morgan Acceptance Corporation I (collectively, "Defendants") . . . consented to the entry of this Modified Final Judgment without admitted or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Modified Final Judgment."
court_doc53_12-cv-01862 20-Jul-2017 Court Docket Document
Order
The Court ordered: "Plaintiff’s Motion to Approve the Proposed Amended Distribution Plan is GRANTED; and . . . The Proposed Amended Distribution Plan is APPROVED."
court_doc60_12-cv-01862 18-Mar-2019 Court Docket Document
Order Authorizing the Disbursement of JP Morgan Bulk Settlement Practice Fair Fund
The Court ordered that: "The Distribution Agent shall disburse the Net Available Fair Fund in the amount of $226,453,819.13 to 2020 Eligible Claimants in accordance with the terms of the Plan and the Motion."
court_doc62_12-cv-01862 19-Aug-2019 Court Docket Document
Order Authorizing the Disbursement of the J.P. Morgan Delinquency Disclosure Fair Fund
The Court ordered that: "1. The Net Available Fair Fund in the amount of $76,690,313.80 shall be transferred to the Escrow Account established by the Distribution Agent; 2. The Distribution Agent shall disburse the Net Available Fair Fund in the amount of $76,690,313.80 to 12 Eligible Claimants in accordance with the terms of the Plan and the Motion. 3. In the event that any funds remain after the initial distribution is completed, the Distribution Agent is authorized to pay otherwise Eligible Claimants who filed a late claim or were late to cure a claim; and then if funds remain, to disburse the remaining funds pro rata to those Eligible Claimants who cashed their initial check; all such remaining funds shall be disbursed in accordance with the Plan and the Motion without further order of this Court."

Other Defendants in Action: