Just read this on the BBC Website
http://www.bbc.co.uk/...
and looked forsome more links :)
http://www.nytimes.com/...
http://www.washingtonpost.com/...
It seems like Eric Schneidermann launched a lawsuite against JP Morgan Chase over mortgage security fraud by bear Sterns from the Years 2006 and 2007 .
BBC says that its the first action coming out of a working group created by President Obama to look into the causes of the financial crises.
In related banking news:
http://www.bbc.co.uk/...
P.S: Should this diary not be up to standards - please let me know - its my first :)