JPMorgan Calls NY's Suit Over RMBS Losses Untimely

Law360, New York (January 7, 2013, 6:21 PM EST) -- JPMorgan Chase Bank NA on Friday urged a New York state judge to dismiss New York Attorney General Eric T. Schneiderman's fraud suit over $22.5 billion in losses tied to Bear Stearns & Co. Inc., saying his claims are insufficient and time-barred.

Schneiderman alleges that J.P. Morgan Securities LLC, formerly Bear Stearns, and its lending unit EMC Mortgage LLC packaged together residential mortgage-backed securities from 2005 through 2007 that were stuffed with loans of significantly lower quality than Bear Stearns claimed.

In moving to dismiss the...
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