EU High Court Sends $112M JPMorgan CDS Suit To UK

Law360, New York (May 13, 2011, 4:16 PM EDT) -- The European Union's highest court on Thursday bounced a $112 million suit over a JPMorgan Chase & Co. credit-default swap agreement back to a U.K. court, ruling that the forum selection clause in the agreement held sway.

The European Court of Justice's ruling sends the case back to the High Court of Justice of England and Wales — JPMorgan's favored venue — to decide if Berlin-based public transit operator Berliner Verkehrsbetriebe owes the U.S. bank $112 million under the swap agreement, which has been in dispute...
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