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Judge revives Dexia lawsuit vs. JPMorgan over mortgage claims

A federal judge has revived a closely watched lawsuit accusing JPMorgan Chase & Co of misleading Belgian-French bank Dexia SA into buying more than $1.6 billion of troubled mortgage debt.Citing a recent federal appeals court decision, U.S. District Judge Jed Rakoff in Manhattan said he had lacked jurisdiction when he threw out much of the lawsuit on April 2. That ruling dismissed claims for all but $5.7 million of the roughly $774 million of damages that Dexia sought.In his new ruling, the judge directed that the Dexia case be moved to the New York state court where it was originally filed.Dexia and JPMorgan representatives did not immediately respond to requests for comment.The lawsuit is one of many accusing banks of trying to boost profit by packaging low-quality mortgages into seemingly safe securities, while hiding the risks or failing to ensure that the loans were underwritten properly.Dexia alleged it was fraudulently misled about the quality of 65 residential mortgage-backed se...

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  1. JPMorgan wins dismissal of most Dexia mortgage claims

    JPMorgan Chase & Co has won the dismissal of much of a lawsuit accusing it of misleading the Belgian-French bank Dexia SA into buying more than $1.6 billion of troub...

  2. Are Banks Not Safe?

    Lance Roberts, Pomeranz Financial Management president Steve Pomeranz and MA Capital Management Partner and CFA Zina Spezaki discuss whether bank deposit confiscation could occur in the United States.

  3. Bove: Banks Excessively Overrated

    Rafferty Capital Markets analyst Dick Bove on the investigation of JPM losses related to the London Whale.

  4. Banks Close to $10B Foreclosure Settlement With Regulators

    FBN’s Diane Macedo breaks down the stories moving the markets around the world.

  5. U.S. regulator sues JPMorgan over WaMu mortgage securities

    The U.S. credit union regulator sued JPMorgan and Washington Mutual late Friday over $2.2 billion in mortgage securities sold to credit unions that collapsed because...

  6. Credit-Union Regulator Sues J.P. Morgan Over WaMu Mortgage Securities

    J.P. Morgan Chase & Co. (JPM) was sued again by the National Credit Union Administration over $2.2 billion of mortgage-backed securities sold by Washington Mutual Ba...

  7. U.S. Regulator Sues J.P. Morgan

    The U.S. credit union regulator sued JPMorgan (NYSE:JPM) and Washington Mutual late Friday over $2.2 billion in mortgage securities sold to credit unions that collap...

  8. BofA and U.S. Bancorp can be sued as WaMu bond trustees: judge

    Bank of America Corp and U.S. Bancorp can be sued over a pension fund's allegations they failed to protect investors while acting as trustees of mortgage-backed secu...

  9. WaMu Trustees Seek Goldman Probe

    Trustees for creditors left unpaid after the biggest banking failure in U.S. history say they suspect Goldman Sachs Group Inc. (GS) of targeting Washington Mutual In...

  10. New York Settles With WaMu Appraisal Company

    A company charged with allegedly colluding with former savings and loan giant Washington Mutual to inflate the values of homes settled with the New York attorney gen...

  11. Next FOMC Chief: Soft-Spoken Yellen?

    If the Federal Reserve delivers another jolt of monetary stimulus to try to stir the U.S. economy back to life, it will be in part because of the powers of persuasio...

  12. If Olympic Athletes Were Credit Cards...

    Michael PhelpsPhelps broke Mark Spitz's Olympic record, earning 8 gold medals in Beijing to complement 6 other gold and 2 bronze medals from his appearance in Athens...

  1. ResCap Bankruptcy Report Could Remain Sealed Until July 3

    An independent examiner's report that could sway settlement negotiations in the bankruptcy of mortgage lender Residential Capital LLC may remain under seal until Jul...

  2. ResCap Bankruptcy Report May Be Filed Under Seal

    Attorneys involved in Residential Capital LLC's bankruptcy plan to ask the court's permission on Monday to allow an independent examiner's report detailing the mortg...

  3. Has Chase's Dimon Grown Too Powerful?

    Long seen as the unofficial king of Wall Street, Jamie Dimon's grasp on power is now under unprecedented assault from those who fear he's grown too dominant.The batt...

  4. Another Dimon Lieutenant To Leave J.P. Morgan: WSJ

    Another lieutenant of Jamie Dimon is leaving J.P. Morgan & Chase , according to reports Sunday on the Wall Street Journal's web site. The web site reported Frank Bis...

  5. J.P. Morgan Chase Co-Chief Operating Officer to Leave Company -Sources

    Top J.P. Morgan Chase & Co. (JPM) executive Frank Bisignano intends to leave the nation's largest bank, the latest executive upheaval to follow a multibillion-dollar...

  6. Credit Suisse faces narrowed credit union regulator lawsuit

    A federal judge has narrowed a credit union regulator's lawsuit against Credit Suisse Group AG over the sale of $715.5 million of mortgage-backed securities to faile...

  7. Credit Suisse to face narrowed credit union regulator lawsuit

    A federal judge has narrowed a credit union regulator's lawsuit against Credit Suisse Group AG over the sale of $715.5 million of mortgage-backed securities to faile...

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