This looks to be interesting, from the annual report:
Repurchase Litigation. The Firm is defending a number of
actions brought by trustees, securities administrators and/
or master servicers of various MBS trusts on behalf of
purchasers of securities issued by those trusts. These cases
generally allege breaches of various representations and
warranties regarding securitized loans and seek repurchase
of those loans or equivalent monetary relief, as well as
indemnification of attorneys’ fees and costs and other
remedies. The Firm has reached a settlement with Deutsche
Bank National Trust Company, acting as trustee for various
MBS trusts, and the Federal Deposit Insurance Corporation
(the “FDIC”) in connection with the litigation related to a
significant number of MBS issued by Washington Mutual;
that case is described in the Washington Mutual Litigations
section below. Other repurchase actions, each specific to
one or more MBS transactions issued by JPMC and/or Bear
Stearns, are in various stages of litigation.
In addition, the Firm and a group of 21 institutional MBS
investors made a binding offer to the trustees of MBS issued
by JPMC and Bear Stearns providing for the payment of
$4.5 billion and the implementation of certain servicing
changes by JPMC, to resolve all repurchase and servicing
claims that have been asserted or could have been asserted
with respect to 330 MBS trusts created between 2005 and
2008. The offer does not resolve claims relating to
Washington Mutual MBS. The trustees (or separate and
successor trustees) for this group of 330 trusts have
accepted the settlement for 319 trusts in whole or in part
and excluded from the settlement 16 trusts in whole or in
part. The trustees’ acceptance has received final approval
from the court.
Additional actions have been filed against third-party
trustees that relate to loan repurchase and servicing claims
involving trusts sponsored by JPMC, Bear Stearns and
Washington Mutual.
The Firm has entered into agreements with a number of
MBS trustees or entities that purchased MBS that toll
applicable statute of limitations periods with respect to
their claims, and has settled, and in the future may settle,
tolled claims. There is no assurance that the Firm will not be
named as a defendant in additional MBS-related litigation.
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