The recovery, plus interest, seeks to make CalPERS whole on $221.6 million in losses the Pension Fund sustained on investments in mortgage-backed securities sold or underwritten by the bank.<\/p>\n
\u201cWe are very pleased with this settlement and the recovery for our members and their families,\u201d said Henry Jones, Chair of CalPERS Investment Committee. \u201cThis helps bring closure and justice in this matter for those who were harmed and holds JPMorgan accountable for its actions.\u201d<\/p>\n
JPMorgan came under federal criminal investigation over its sale of mortgage-backed securities and securitization practices that contributed to the 2008 financial crisis.<\/p>\n
The Justice Department told JPMorgan that prosecutors had \u201cpreliminarily concluded\u201d that the bank violated civil securities laws related to mortgage securities it packaged and sold from 2005-07.<\/p>\n
\u201cWe are grateful for the leadership of California\u2019s Attorney General who took action to protect us, our members and other investors,\u201d said Jones.<\/p>\n
CalPERS is the largest public pension fund in the U.S., with more than $275 billion in assets. We administer health and retirement benefits on behalf of 3,064 public school, local agency and state employers. Our members number more than 1.6 million in our retirement system and more than 1.3 million in our health plans.<\/p>\n","protected":false},"excerpt":{"rendered":"
The California Public Employees\u2019 Retirement System (CalPERS) is set to get back approximately $261 million in damages from JPMorgan in a federal investigation settlement announced today by California\u2019s Attorney General Kamala Harris.<\/p>\n","protected":false},"author":20,"featured_media":31370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1470],"tags":[1655,1651,1437,2094],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/31372"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=31372"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/31372\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/31370"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=31372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=31372"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=31372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}