JPMorgan Dodges Suit Over Tax Liability In Trading Unit Sale

Law360, New York (November 29, 2012, 7:01 PM EST) -- A New York federal judge on Wednesday dismissed a breach of contract suit brought by financial technology provider NES Financial Corp. against JPMorgan Chase Bank NA over the bank's alleged failure to disclose billions in tax liability when NES bought one of its asset trading units.

While acknowledging that JPMorgan had not disclosed certain information concerning certain activities of  J.P. Morgan Property Exchange Inc., the unit that was bought, U.S. District Judge Victor Marrero ruled that NESF failed to sufficiently show that a contract had been...
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