JPMorgan Chase & Co. agreed to pay $23 million to settle a lawsuit accusing it of mishandling the money of pension funds and other clients by investing it in notes from Lehman Brothers Holdings Inc., Reuters reported Friday. The largest U.S. bank denied wrongdoing in its settlement agreement, which it entered into solely to eliminate the burden and cost of litigation, according to papers filed on Friday with the U.S. District Court for the Southern District of New York. Lawyers for the plaintiffs called the settlement terms fair, reasonable and adequate. The settlement requires approval by U.S. District Judge Katherine Forrest in Manhattan. The case is Board of Trustees of the Operating Engineers Pension Trust v. JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No. 09-09333.
