JPMorgan Wins $50M In Asian Paper Co. Contract Suit

Law360, New York (April 23, 2010, 1:27 PM EDT) -- JPMorgan Chase Bank NA has won $50 million from three Asian paper companies in a breach of contract dispute over financing for two paper-making machines.

Judge James Holderman of the U.S. District Court for the Northern District of Illinois issued the ruling Wednesday, rejecting the defendants' argument that no damages should be awarded because misrepresentations were made in the original deal to purchase the paper machines.

Bank One NA, which has since been acquired by JPMorgan, originally filed the suit in 2002 against two Indonesian companies,...
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