Syncora Sues JPMorgan, Others Over Soured MBS Deal

Law360, New York (October 9, 2012, 6:50 PM EDT) -- Bond insurer Syncora Guarantee Inc. hit JPMorgan Chase Bank NA, Bear Stearns & Co. Inc. and EMC Mortgage LLC with a suit Friday over a mortgage-backed securities transaction it insured that allegedly caused it to pay out $94 million in claims.

In a complaint filed in New York Supreme Court in New York County, Syncora claims that JPMorgan affiliate EMC and Bear Stearns, which became part of JPMorgan after a $29 billion taxpayer-financed loan, overrepresented the quality and extent of due diligence behind the July 2007...
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