Syncora's $320M JPMorgan Fraud Suit Nixed In NY Court

Law360, New York (August 13, 2013, 3:52 PM EDT) -- A New York state appellate court on Tuesday nixed Syncora Guarantee Inc.'s fraud suit against JPMorgan Securities LLC over $320 million the monoline insurer lost in a securitized mortgage deal, finding a federal breach-of-contract suit brought by Syncora against one of the banking giant's "sister affiliates" bars the state action.

In an opinion penned by First Department Judge Karla Moskowitz, the unanimous four-judge appellate panel reversed trial court Judge Charles E. Ramos's May 2012 finding that Syncora's state action against JPMorgan could proceed separately from its...
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