Insurer Wants $650M JPMorgan Suit Moved To State Court

Law360, New York (August 26, 2011, 5:46 PM EDT) -- Western and Southern Life Insurance Co. asked a federal judge in Ohio on Thursday to send back to state court its $650 million suit claiming JPMorgan Chase Bank NA "discarded internal risk guidelines" to sell billions of dollars in securitized mortgage loans.

Western and Southern claims JPMorgan Chase and Washington Mutual Bank assets that the investment giant bought in 2008 committed fraud and negligence by securitizing ever-riskier loans and passing them off to investors as safe.

JPMorgan removed the suit to federal court July 22 and then...
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