Stichting Pensioenfonds ABP, Heerlen, Netherlands, on Tuesday said it settled a lawsuit with J.P. Morgan Chase over sales of residential mortgage-backed securities.
“ABP is very content to have reached this settlement and is pleased that J.P. Morgan was willing to reach a mutually satisfactory conclusion of this litigation,” the €274 billion ($356 billion) pension fund said in an e-mailed statement.
Harmen Geers, a spokesman for ABP, declined to comment on the amount of the settlement.
The suit, filed in New York State Supreme Court in Manhattan, accused the bank of negligent misrepresentation, alleging the sales were based on false and misleading statements. J.P. Morgan has denied and continues to deny these claims, ABP said in Tuesday’s statement.
A J.P. Morgan spokesman declined immediate comment.