DC Circ. Revives Insurer Suit Over JPMorgan’s WaMu Deal

Law360, New York (June 24, 2011, 5:23 PM EDT) -- The D.C. Circuit on Friday reversed a decision against several insurers that have accused JPMorgan Chase & Co. of defrauding Washington Mutual NA bondholders by engineering the bank’s downfall and buying it at a discount, ruling a lower court improperly barred their claims.

The insurers, American National Insurance Co., American National Property and Casualty Co., Farm Family Casualty Insurance Co., Farm Family Life Insurance Co. and National Western Life Insurance Co., were bondholders of the failed bank. They claimed that JPMorgan obtained an unlawful profit of...
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