JPMorgan Suit Trimmed Over $848M American Century Resale

Law360, Wilmington (April 27, 2012, 8:58 PM EDT) -- A Delaware judge on Thursday axed breach of contract claims from JPMorgan Chase & Co.'s lawsuit alleging it was shortchanged by American Century Cos.' 2011 repurchase and sale of the investment bank's stake in the mutual fund company.

In a 21-page opinion filed in Delaware Chancery Court, Vice Chancellor John Noble dismissed the portion of the complaint contending that American Century directly breached the repurchase agreement, but let stand the bank's claim for breach of the implied covenant of good faith and fair dealing.

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