Campaign for a Fair Settlement

Bear Stearns/JP Morgan Filing Significant First Step in Wall Street Accountability

Statement for Attribution from Brian Kettenring,

Director, Campaign for a Fair Settlement (CFS):

 

“For those defrauded by Bear Stearns and other financial institutions that crashed the economy in 2008, today's filing against Bear Stearns/JPMorgan Chase shows that it is not too late for justice. These institutions can still be held accountable.”

 

“This filing is an encouraging first step to holding Wall Street banks accountable for the reckless and deceitful practices they have inflicted on homeowners. We hope that this case lays the groundwork for suing other big banks that left millions of American families foreclosed upon, jobless, or saddled with underwater mortgages. And we believe this filing could be a landmark case if replicated in similar actions against other abusive mortgage lenders and underwriters of RMBS. We need to build on this important legal step as the foundation for further actions that will bring full accountability to Wall Street.”

 

The lawsuit is also evidence that despite tremendous obstacles, the mortgage fraud (RMBS) task force has the potential to fulfill its original purpose: investigating and prosecuting the fraudulent behavior that led to the worst financial crisis since the Great Depression. The Department of Justice must provide the task force the resources it needs to build on this filing, and to support New York State Attorney General Schneiderman’s efforts to hold executives’ feet to the fire for the harm they have caused American homeowners, investors and the economy. If the task force fails, Wall Street banks will continue to find ways to defraud homeowners and investors and once again bring our economy to the brink.”

 

"This lawsuit, building on the work of the Financial Crisis Inquiry Commission, will at last force JPMorgan Chase to face the consequences of the fraudulent acts committed by Bear Stearns, which it purchased in 2008 at the height of the financial crisis. Bear Stearns manipulated investors to inflate its profits, causing billions of dollars in damage in lost investments, drained 401Ks, plummeting home values and lost tax revenues. CFS hopes that this lawsuit will force JPMorgan Chase to at last pay back the hard working Americans that entrusted the bank with their money, and serve as a warning to all Wall Street banks to never again gamble with the livelihoods of millions."

 

Interviews are available with the Campaign for a Fair Settlement; legal and financial experts and homeowners. A press call will be held tomorrow morning at 11AM, Please email Ben Wyskida ben@berlinrosen.com for details.

 

STATEMENTS BY ALLIES FOUND HERE: 

 



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The Campaign for a Fair Settlement is a multi-sectoral coalition. Center for Popular Democracy and Action for the Common Good staff provide strategic and logistical support to the effort.