JPMorgan May Seek $400M From Ala. County Over Suit

Law360, New York (February 7, 2011, 8:10 PM EST) -- JPMorgan Chase Bank NA will reportedly demand $400 million in reimbursement from Jefferson County, Ala., should the bank lose a suit filed by a company that insured municipal bonds for a bankrupt sewer system connected to a swap agreement bribery scandal.

In a letter sent to the Jefferson County Commission on Jan. 31, JPMorgan attorney Mary Beth Forshaw of Simpson Thacher & Bartlett LLP warned that the bank would take legal action to recover any losses and costs incurred while defending the suit filed by Syncora...
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