JPMorgan Sued By Calif. School District Over $4M Bond Profit

Law360, New York (August 13, 2012, 10:48 PM EDT) -- A California community college district on Monday sought to block a JPMorgan Chase & Co. unit's bid to compel the district to reissue bonds that would generate as much as $4 million in profits for the banking giant at taxpayers' expense.

The Peralta Community College District asked a California state court to find a refinancing contract between the district and J.P. Morgan Securities LLC void and unenforceable on the grounds that it would violate the state constitution. If JPMorgan got its way, the district argued, taxpayers...
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