JPMorgan Hits Developer With $13M Suit Over Project Loan

Law360, New York (August 23, 2011, 9:55 PM EDT) -- JPMorgan Chase Bank NA on Tuesday hit real estate company Meritage Homes Corp. with a $13 million lawsuit, claiming it is liable under an agreement to repay its share of a loan given to a residential community developer that went bankrupt.

The suit, filed in Nevada federal court, targets Meritage and its subsidiary Meritage Homes of Nevada Inc. — one of eight members of South Edge LLC, a now-bankrupt company that developed a $1 billion residential community in Las Vegas' suburbs.

Under the agreement with JPMorgan...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.