JPMorgan Liable To Billionaire Blavatnik Over Mortgage Losses

Wochit 1:01 mins

A New York state judge found JPMorgan Chase liable to Russian-American billionaire Leonard Blavatnik for breach of contract for stuffing an investment account he held with risky subprime mortgage securities, and ordered the bank to pay more than $50 million of damages including interest. Treasury Secretary Jacob Lew said The US will hit its statutory debt ceiling in mid-October, raising the chance that the government will be forced to default on its debts. Hedge fund manager William Ackman, the single biggest shareholder in J.C. Penney , is selling his stake in the retailer. Ackman's $11 billion Pershing Square Capital Management is offering its roughly 39.1 million shares for sale and used Citigroup as the bookrunner for the deal,

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