JPMorgan Can't Escape Syncora's $404M MBS Suit

Law360, New York (May 7, 2012, 5:18 PM EDT) -- A New York state judge on Friday kept alive bond insurer Syncora Guarantee Inc.'s allegations that it lost $404 million insuring mortgage-backed securities from a JPMorgan Chase & Co. affiliate, finding that the case was different enough from a similar federal lawsuit to proceed.

Judge Charles E. Ramos ruled that the federal lawsuit — in which Syncora sued EMC Mortgage Corp., an affiliate of Bear Stearns & Co. Inc., which is now part of JPMorgan after a taxpayer-financed deal — implicated different parties.

"The record contains...
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