JPMorgan Battles Insurers Over Ala. Kickback Suits

Law360, New York (October 18, 2010, 6:12 PM EDT) -- A lawyer for JPMorgan Chase Bank NA sought Monday to shake off suits from bond insurers Syncora Guarantee Inc. and Assured Guaranty Municipal Corp. over $300 million in losses on Alabama sewage financing implicated in an alleged corruption scheme.

Mary Beth Forshaw of Simpson Thacher & Bartlett LLP told a judge in New York State Supreme Court that JPMorgan, an underwriter of about $1.2 billion in warrants issued by Alabama’s Jefferson County, had no contract with the insurers and knew nothing about a purported kickback scheme...
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