The Zacks Analyst Blog Highlights: U.S. Bancorp, JPMorgan Chase, Citigroup, The Goldman Sachs Group & M&T Bank - Press Releases
January 05 2012 - 3:30AM
Zacks
For Immediate Release
Chicago, IL – January 5, 2012 – Zacks.com announces the list of
stocks featured in the Analyst Blog. Every day the Zacks Equity
Research analysts discuss the latest news and events impacting
stocks and the financial markets. Stocks recently featured in the
blog include U.S. Bancorp (
USB), JPMorgan Chase & Co. ( JPM),
Citigroup Inc. ( C),
The Goldman Sachs Group
Inc. ( GS) and M&T Bank
Corp. ( MTB).
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Here are highlights from Wednesday’s Analyst
Blog:
JPMorgan Hauled into Court Again
US Bank NA, a unit of U.S. Bancorp (
USB), filed a lawsuit against JPMorgan Chase &
Co. ( JPM) for breaching representations and warranties.
The complaint lodged claims that the company misrepresented
documents related to the sale of over $95 million in
mortgage-backed securities marketed in 2005 by the former Bear
Stearns Cos. Bear Stearns was acquired by JPMorgan back in
2008.
US Bank NA, which acted as the trustee for Bear Stearns Asset
Backed Securities Trust 2005-4, alleged that JPMorgan issued
misleading statements and omissions related to the mortgage-backed
securities and has concealed risks associated with the securities.
The company desires to compel JPMorgan to repurchase underlying
mortgage loans, as the bank has infringed the representations and
warranties regarding the Securities Trust 2005-4.
US Bank NA has also sued Bear Stearns and its unit EMC Mortgage
Corp. The lawsuit has been filed in the New York State Supreme
Court in Manhattan. The trustee is demanding for the damages.
Last week JPMorgan, along with Ally Financial Inc., was sued by
HSH Nordbank AG, a German lender. The complaint lodged claimed that
the companies misrepresented documents as an underwriter in the
sale of $293 million in mortgage bonds.
HSH Nordbank came with allegations that JPMorgan, Ally and other
defendants issued misleading statements and the documents used in
this transaction contained untrue statements or omissions related
to loans backing the securities. These misrepresentations of the
risks provoked investments, which have turned into losses.
Earlier in September, German lender IKB Deutsche Industriebank
AG also sued JPMorgan for the sale and breach of contract over the
sale of mortgage-backed securities by misrepresenting
documents.
Among other banks, Citigroup Inc. (
C), The Goldman Sachs Group
Inc. ( GS) and M&T Bank
Corp. ( MTB) have also been accused for similar
lawsuits that misrepresented documents related to mortgage-backed
securities and other losses in 2011.
The continuous surge in the number of lawsuits will dent banks’
reputation and financial results. However, such legal actions may
bring some amount of relief to the affected investors.
Shares of JPMorgan currently retain a Zacks #3 Rank, which
translates into a short-term Hold rating. Moreover, considering the
fundamentals, we maintain a long-term Neutral recommendation on the
stock.
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CITIGROUP INC (C): Free Stock Analysis Report
GOLDMAN SACHS (GS): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
M&T BANK CORP (MTB): Free Stock Analysis Report
US BANCORP (USB): Free Stock Analysis Report
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