JPMorgan $4.5 billion RMBS Settlement Update – What’s Next?
On Friday August 12, 2016, Honorable Marcy S. Friedman, Supreme Court Justice of the State of New York, ruled against the remaining objection to the JPMorgan $4.5 Billion RMBS Settlement.
So what’s next?
We believe that 8/12/2016 is now considered the “Final Court Approval Date.”
The “Effective Date” of the Settlement Agreement is contingent on the receipt of a private letter ruling by the IRS.
Then within 90 days from the “Effective Date” is the “Final Expert Calculation Date” when the Expert shall calculate the final Allocable Shares for each Trust.
JPMorgan then deposits the Settlement Payout into a single escrow account within 30 days of the “Final Expert Calculation Date.”
The Trustees shall use their reasonable best efforts to distribute the Settlement Payment to the Settlement Trusts as promptly as possible.
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