SACRAMENTO (CBS SF) – JPMorgan Chase & Co. will pay nearly $300 million to California’s public employee and teacher pension funds as part of a settlement related to mortgage-related investments.
Attorney General Kamala Harris announced Tuesday that the $299 million in damages will settle claims that the company misrepresented the value of residential mortgage-backed securities sold to the California Public Employees Retirement System and California State Teachers’ Retirement System between 2004 and 2008.READ MORE: Stolen RV Pursuit Ends In Horrific San Ramon Crash
Harris said JPMorgan profited by giving the pension funds incomplete information on the risks of many of the underlying mortgages.READ MORE: Torrential Rains Ease 'Exceptional' Drought Conditions In Marin County
The settlement is part of a broader, $13 billion settlement between the investment company and the U.S. Department of Justice. Under the larger settlement, JPMorgan will provide $4 billion in mortgage relief to the states, including California.MORE NEWS: Flight Attendant Attacked By Passenger, Flight From New York's JFK To John Wayne Airport Diverts To Denver
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