September 28, 2009 / 6:25 AM / 9 years ago

JPMorgan drops claims to Reijtenbagh art -report

AMSTERDAM, Sept 28 (Reuters) - Dutch investor Louis Reijtenbagh’s family has reached a settlement with JPMorgan Chase & Co over the family’s art collection, a Dutch newspaper reported on Monday.

Reijtenbagh had put up the collection, which includes works by Rembrandt and Picasso, as collateral for loans but was later sued by JPMorgan Chase & Co, as well as ABN AMRO, for selling or moving paintings.

JPMorgan dropped its claims on the art, which includes a 17th-century Dutch masterpiece, Gerrit Adriaensz Berckheyde’s “Golden Bend” after Reijtenbagh repaid a loan, the Financieele Dagblad reported on Monday.

The Netherlands’ largest museum was at risk of losing the famous painting, which it had bought from Reijtenbagh last year. [ID:nLH636196]

The painting was on a list of art collateral used to back the JPMorgan loan. JPMorgan contended that Reijtenbagh unlawfully moved a portion of the art collection out of the United States.

Last Friday, Dutch news agency ANP-Reuters reported that ABN AMRO had seized more than 60 pieces from Reijtenbagh’s collection. (Reporting by Reed Stevenson; Editing by Mike Nesbit)

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