Prudential Suit Over $523M In JPMorgan RMBS Returned To NJ

Law360, New York (December 21, 2012, 7:28 PM EST) -- A federal judge returned to New Jersey state court a suit filed by Prudential Financial Inc. units claiming they were fraudulently sold $523 million in residential mortgage-backed securities by JPMorgan Chase & Co. units, saying in a decision filed Thursday that federal law didn't cover the dispute.

JPMorgan had asserted that the federal courts had jurisdiction over the suit under the Edge Act, because it involved federally chartered banks — JPMorgan Chase Bank NA and Prudential Bank and Trust — and arose out of international transactions,...
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