NY sues JPMorgan for fraud - WLTZ 38 | Columbus Georgia Regional News & Community

NY sues JPMorgan for fraud

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New York, NY (CNN) - The city of New York is suing JPMorgan.

New York's attorney general accuses the big bank of carrying out "systemic fraud on thousands of investors."

The suit is in connection to JPMorgan's creation and sale of risky mortgage backed securities during the housing bubble.  

The civil suit filed Monday alleges that JPMorgan, now owned by Bear Stearns, tricked investors into believing the loans behind the securities were carefully checked out.  

The suit seeks the return of ill-gotten monies and an unspecified total in damages and restitution.

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