JP Morgan, Credit Suisse and Morgan Stanley pay up

NEW YORK – JP Morgan, Credit Suisse and Morgan Stanley have agreed to settle a lawsuit alleging their involvement in a Ponzi scheme operated by the now-bankrupt mortgage lender American Business Financial Services (ABFS).

The Philadelphia state court lawsuit claimed the banks – including Bear Stearns, which was taken over by JP Morgan in April 2008 – had helped keep the company going by allowing it to overstate the value of its assets.

Lawyers for George Miller, the bankruptcy trustee for ABFS

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