JPMorgan Wins Defunct Bank's $17M In Stock

Law360, New York (June 8, 2009, 12:00 AM EDT) -- A Texas appeals court has determined that JPMorgan Chase Bank NA, as successor trustee to a retirement benefit fund purchased for employees of now-defunct First City Bancorporation of Texas Inc., holds the title to $17 million in stock that resulted from the demutualization of the group's annuity contracts.

In an opinion handed down Thursday, the Court of Appeals for the First District of Texas held that JPMorgan, which currently holds title to two group annuity contracts purchased prior to First City's failure, is the legal owner...
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