JPMorgan Tears Into Insurer's $100M Bear Stearns CDO Suit

Law360, New York (April 29, 2013, 6:27 PM EDT) -- J.P. Morgan Securities LLC on Friday attacked an insurer's suit over more than $100 million in losses on Bear Stearns & Cos. Inc. collateralized debt obligations, arguing the insurer's efforts to pin the blame on Bear Stearns made "no sense."

JPMorgan filed a brief urging a New York state court to toss CIFG Assurance North America Inc.'s lawsuit, which claims Bear Stearns misled the insurer into providing financial guaranty insurance for two CDOs that were stocked with toxic mortgage-backed securities.

CIFG has told the court that...
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