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Robbins Geller Rudman & Dowd Obtains $388 Million Recovery in J.P. Morgan MBS Class Action

marketwatch.com | July 17, 2015

SAN DIEGO, Jul 17, 2015 (BUSINESS WIRE) -- Robbins Geller Rudman & Dowd LLP announced a $388 million recovery on behalf of a class of investors in nine 2007 residential mortgage-backed securities (MBS) offerings issued by J.P. Morgan – bringing to a successful conclusion one of the last remaining MBS purchaser class actions arising out of the global financial crisis. The settlement represents, on a percentage basis, the largest recovery ever achieved in an MBS purchaser class action.

“We’re pleased with the record-setting recovery for our participants and the class,” stated Ed Smith, Fund Manager for lead plaintiff Laborers Pension Trust Fund for Northern California. “Our lawyers at Robbins Geller were tireless in their efforts, and the result is a significant victory for the class.”

Lead plaintiffs and court-appointed class representatives Laborers Pension Trust Fund for Northern California and Construction Laborers Pension Trust for Southern California played a key role in achieving the remarkable result, said Robbins Geller partner Luke Brooks, one of the lead attorneys on the case. “We couldn’t have achieved such a stellar recovery without the leadership of the Northern and Southern California Laborers Pension Funds,” Brooks said. “These Funds not only stepped forward to protect their participants’ hard earned retirement savings, but equally important they committed themselves to the trial of this action, which allowed us to maximize the recovery for the class.”

The settlement was achieved after six years of hard-fought litigation and an extensive investigation into all facets of defendants’ securitization practices – a process that resulted in the production of more than 80 million pages of documents from defendants and third-parties, over 40 witness depositions, and consultation with experts in diverse and complex fields such as mortgage re-underwriting, securitization due diligence, statistics, and economics. Robbins Geller also secured the cooperation of a critical whistleblower witness, which yielded key evidence in support of plaintiffs’ claims, and obtained a class certification order that certified the most broadly-defined plaintiff class of any MBS class action to date.

The $388 million recovery stands alone as the highest percentage-of-face-value recovered in any of the 16 comparable MBS purchaser class action settlements obtained to date and is more than two-and-a-half times greater than the average percentage recovery in previous MBS purchaser class action settlements. “Ultimately, the skill of our litigation team and our willingness to take the case deep paid off with an extraordinary result for the class,” said Brooks.

The case is Fort Worth Employees’ Retirement Fund v. JPMorgan Chase & Co. (U.S. District Court, Southern District of New York, No. 09-03701), currently pending before U.S. District Judge J. Paul Oetken in Manhattan.


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