Bank Lacks Standing In $450M MBS Suit, JPMorgan Atty Says

Law360, New York (June 24, 2013, 2:47 PM EDT) -- A German bank doesn't have standing to sue JPMorgan Chase & Co. over $450 million in soured mortgage-backed securities, a JPMorgan attorney told a New York state judge during a hearing Monday, arguing that it never acquired the right to sue under the securities.

Daniel Slifkin of Cravath Swaine & Moore LLP, who represents JPMorgan, told Judge Eileen Bransten during the hearing that the German bank, Landesbank Baden-Wuerttemberg, had acquired many of the securities from another German bank, Sachsen LB, that it took over during the...
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