11th Circ. Tosses Suit Against JPMorgan Over WaMu Lease

Law360, New York (January 10, 2013, 8:09 PM EST) -- The Eleventh Circuit on Thursday ruled the former lessor of what was to be a Washington Mutual Inc. branch did not have standing to sue JPMorgan Chase Bank NA, which bought most of the failed bank's assets, for breach of contract.

The appeals court said Interface Kanner LLC, which planned to lease a Martin County, Fla., property to WaMu before it collapsed, is not a third-party beneficiary under the purchase and assumption agreement signed by JPMorgan when it took over most of WaMu's assets and liabilities...
To view the full article, register now.