JPMorgan, Merrill Must Face MBS Suits In State Court

Law360, New York (July 16, 2012, 6:30 PM EDT) -- Two suits by Bayerische Landesbank claiming JPMorgan Chase & Co. and Merrill Lynch & Co. concealed the toxic quality of mortgage-backed securities investments belong in state court, a New York federal judge said Monday, ruling in favor of the German bank.

U.S. District Judge Lewis A. Kaplan said the suits should be remanded to state court, where they were originally filed. The decision was a blow for JPMorgan and Merrill, which had each removed the cases to federal court on the grounds that they were related...
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