JPMorgan Chase & Co Wins Dismissal Of Most Dexia SA Mortgage Claims-Reuters

Wednesday, 3 Apr 2013 04:01pm EDT 

Reuters reported that JPMorgan Chase & Co has won the dismissal of nearly all of a lawsuit accusing it of misleading the Belgian-French bank Dexia SA into buying more than $1.6 billion of troubled mortgage debt. The decision made public on April 3, 2013 by U.S. District Judge Jed Rakoff in Manhattan is a victory for the U.S. bank and its chief executive, Jamie Dimon, eliminating an estimated 99% of the potential damages. In a statement, JPMorgan's law firm Cravath, Swaine & Moore said the dismissal of Dexia's claims on all but five of the 65 RMBS certificates at issue reduced potential damages to about $5.7 million from $774 million. Dexia was not immediately available for comment. A spokesman for its U.S. law firm declined to comment immediately. JPMorgan spokeswoman Jennifer Zuccarelli declined to comment. 

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