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Mon Oct 1, 2012, 08:05 PM

J.P. Morgan Accused of Fraud... [View all]

Source: Wall Street Journal

New York's top prosecutor filed a civil complaint against J.P. Morgan JPM +1.21% Chase Co., alleging widespread fraud in the sale of mortgage-backed securities in the run-up to the financial crisis.

Eric Schneiderman, New York's attorney general, filed the civil lawsuit in New York state court Monday. The case is the first brought under the aegis of a law enforcement group that was formed by President Barack Obama in January to pursue alleged wrongdoing related to the financial crisis.

More cases from the group are expected to follow.

"We intend to follow up with similar actions against other sponsors and underwriters of RMBS," said an official in the attorney general's office...

Read more: http://online.wsj.com/article/SB10000872396390444138104578030903731665328.html

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