JPMorgan On Hook For WaMu Leases, 5th Circ. Rules

Law360, Los Angeles (January 13, 2014, 6:54 PM EST) -- The Fifth Circuit on Friday affirmed a lower court’s ruling that JPMorgan Chase Bank NA is obligated to fulfill long-term leases signed by Washington Mutual Bank before its dissolution, saying the Federal Deposit Insurance Corp. erred in allowing the bank to reject the leases.

The three-judge panel wrote in its opinion that because JPMorgan’s purchase agreement with the FDIC explicitly included a transfer of the leases WaMu signed with a group of Texas landlords, the landlords had standing to sue the bank for fulfillment of the...
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