Judge Tosses Most Claims In JPMorgan Mortgage Suit

Law360, New York (July 29, 2011, 8:06 PM EDT) -- A New York federal judge on Friday nixed eight of 10 claims brought in a proposed class action that accuses JPMorgan Chase & Co. of violating several contracts by tricking homeowners into forking over money for a trial loan modification program.

The lawsuit stems from JPMorgan's involvement in the Troubled Asset Relief Program, which directed the company to reduce monthly mortgage payments for struggling homeowners who were eligible to participate. Lead plaintiffs Johny Thomas and Johnny Fields claim that JPMorgan unfairly refused to permanently modify their...
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