Triaxx funds hit JP Morgan, US Bank, BNY Mellon with lawsuit

A group of funds named Triaxx have hit JP Morgan Chase, US Bank and BNY Mellon with a lawsuit alleging the loss of $85m on JP Morgan-sponsored trusts were packed with unlawful mortgage-backed securities; it claims JPMorgan engaged in a "staggering magnitude" of unlawful conduct with respect to residential mortgage-securities and that the funds will suffer a lifetime loss of $85m in trusts sponsored or serviced by JP Morgan.

By Daniel Siegal (March 3, 2016, 12:09 AM EST) -- A group of funds known as the Triaxx entities socked JPMorgan Chase, US Bank, and BNY Mellon Wednesday with a New York federal suit alleging the loss of $85 million on JPMorgan-sponsored trusts packed with unlawful mortgage-backed securities....

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