J.P. Morgan sued in N.Y. over Bear Stearns mortgage securities

The New York attorney general's office filed suit Monday in the state's Supreme Court against J.P. Morgan Chase & Co., citing a broad pattern of misconduct in the sale and packaging of mortgage securities during the housing boom by the company's Bear Stearns unit, the Wall Street Journal reported.

The case is the first to be brought by the federal mortgage task force that was formed in January by the U.S. Justice Department.