JPMorgan Chase & Co. today agreed to a US$2 billion settlement, becoming the last major U.S. bank to settle claims in a class-action suit brought after the collapse of WorldCom Inc.

The announcement came a day before a trial was to start in the case.

Settlements were reached earlier with several major U.S. banks and investment banks, including Bank of America, Lehman Brothers and Credit Suisse First Boston.

The settlement with JPMorgan Chase came a day after WorldCom’s former chief executive, Edmonton-born Bernard Ebbers, was found guilty of fraud, conspiracy and false regulatory filings after a six-week federal trial in Manhattan. He could spend the rest of his life in prison.

WorldCom collapsed in a US$11 billion accounting fraud in 2002. The case was brought by investors who purchased WorldCom securities in 2000 and 2001.

The investors have argued that the financial institutions that underwrote or traded WorldCom securities should have been aware of ongoing fraud at the company.

More than a dozen banks and investment banks reached settlements in the case, most in recent weeks.