In its first case, the mortgage-fraud unit, created by President Obama in January, might not have made the intimidating presence hoped for. Some say the lawsuit erroneously targets JPMorgan Chase for crimes allegedly committed by Bear Stearns, which JPM acquired in 2008. Additionally, the complaint demands JPM be restrained from activity Stearns was alleged of even though there have been no accusations of such activity by JPM. JPM says it will contest the charges. The fraud unit promises more cases against firms to come.
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