NEW YORK (TheStreet) -- JPMorgan Chase & Co. (JPM) won dismissal today of a lawsuit by the City of Los Angeles accusing the bank of steering minority borrowers into mortgages they could not afford, even after similar cases against the next three largest banks were allowed to go forward, Reuters reports.
U.S. District Judge Otis Wright said the city could not hold JPMorgan responsible for questionable lending by the former Washington Mutual Inc, under a federal law governing the wind-down of failed banks, Reuters said.
The judge said Los Angeles may file an amended complaint focused on JPMorgan's, but not WaMu's, lending practices.
Shares of JPMorgan Chase closed up 0.30% to $56.23.
TheStreet Ratings team rates JPMORGAN CHASE & CO as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate JPMORGAN CHASE & CO (JPM) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."
Highlights from the analysis by TheStreet Ratings Team goes as follows: