April 3 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 troubled mortgage debt.
In a two-page order made public on Wednesday U.S. District
Judge Jed Rakoff in Manhattan dismissed the entire case apart
from claims by Dexia's FSA Asset Management LLC unit over five
certificates linked to residential mortgage-backed securities.
The lawsuit filed last year focused on securities created by
JPMorgan and the former Bear Stearns Cos and Washington Mutual
Inc, both of which the bank bought in 2008.
It said the defendants made fraudulent misrepresentations
and omissions in offering documents for 65 certificates issued
in 51 separate offerings.
Rakoff said he would explain his reasoning in an opinion to
be issued in due course.
The case is Dexia SA/NV et al v. Bear Stearns & Co et al,
U.S. District Court, Southern District of New York, No.