Win or lose for JPMorgan on legal decision

We noted this week that an appellate court invalidating a massive class action suit against Wall Street banks was a mixed blessing for JPMorgan Chase. It had the distinction of being the only bulge bracket firm to settle--to the tune of $425 million. The issue is whether it can get that settlement somehow voided. It will not be easy, but it has every reason to try. Working in its favor: It has not yet actually paid money to the law firm that led the suit, and the settlement was never finalized. JPMorgan has already set aside a reserve for the $425 million payout, so if it can get the settlement nullified, it will reap a huge windfall in the future. However, if the settlement stands, and it just might, it will look pretty bad.

For more on this:
- here's an update from TheStreet.com