March 26, 2018 / 9:48 PM / a year ago

JPMorgan not liable for fraud in shale lease lawsuit - ruling

JPMorgan is not liable for fraud for leasing mineral rights to Texas-based Orca Assets that had already been leased to another company, the Texas Supreme Court ruled, saying Orca had a duty to investigate title on the land before closing the deal.

A JPMorgan agent had orally told Orca that the land was “open,” or available to be leased, but Orca should not have relied on that statement because of several red flags that the title was not clear, Justice Jeffrey Brown said in an opinion on Friday reversing a lower court.

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