The Houston-based law firm Gibbs & Burns, which was behind the Bank of America $8.5 billion MBS settlement, said today that it is representing investors looking to settle a claim against JPMorgan.
The law firm announced that its clients have issued instructions to BNY Mellon, US Bank, Wells Fargo, Citibank, and HSBC as trustees, to open investigations of ineligible mortgages in pools backing more than $95 billion of RMBS issued by different JPMorgan affiliates.
Collectively, the firm's clients hold more than 25% of the voting rights in 243 trusts that issued these RMBS.
“Our clients continue to seek a comprehensive solution to the problems of ineligible mortgages in RMBS pools and deficient servicing of those loans," said Kathy D. Patrick, lead counsel for the noteholders."Today’s action is another step toward achieving that goal.”
The bondholders anticipate that they may provide additional instructions to trustees, as needed, to further the investigations.