JPMorgan Sued for Defrauding Investors: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet include JPMorgan Chase (JPM) on news that the New York attorney general is suing the bank for defrauding investors who lost money on mortgage-backed securities packaged by Bear Stearns.
JPMorgan bought Bear Stearns in March 2008. The lawsuit by Attorney General Eric Schneiderman is the first action on behalf of a group put together by President Obama to pursue those whose wrongdoing contributed to the financial crisis. The suit alleges Bear Stearns did not ensure the quality of loans underlying residential mortgage-backed securities -- contributing to investors' losses of more than $22.5 billion.
The lawsuit pertains to securities Bear Stearns made in 2006 and 2007 -- before JPMorgan took the company over. JPMorgan said it will contest the allegations.
Chrysler is trending as the auto company reported a 12% sales increase in September -- reaching its highest number of sales for the month since 2007. Chrysler said it sold 142,041 vehicles in September. The company said all of its brands saw sales increases -- especially its new Dodge Dart, which posted a 72% jump in sales from August. Chrysler also said its Fiat brand saw its highest monthly sales number in the U.S., with 4,176 vehicles sold. September was the 30th consecutive month of year-over-year sales gains for Chrysler.
Mondelez is another popular search. Mondelez International and Kraft Foods (KFT)are set to begin trading Tuesday as two separate public companies. Mondelez is the global snack business which Kraft spun off in March. The company, which operates product brands like Oreo and Nabisco, will trade under the ticker MDLZ. Kraft's lineup consists of Velveeta and Oscar Mayer brands.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.
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