Latest Chase toxic loan lawsuit
Chase is accused, in this latest lawsuit of knowingly pushing toxic loans on unsuspecting customers. While Chase doesn’t appear to have been involved at the time these loans were issued, they are the successor to the litigation due to their acquiring of Washington Mutual and Bear Stearns, who were apparently responsible. However, Chase CEO is accused of knowing about the fruad since 2008 but working to keep the information from the public.
Chase has set aside a $9 billion reserve for the litigation. Ouch!
