JPMorgan Moves To Gut US Bank's $293M Toxic Loans Suit

Law360, New York (March 24, 2014, 6:30 PM EDT) -- JPMorgan Chase & Co. and its unit EMC Mortgage LLC on Monday sought to dismantle a $293 million suit brought by a securitization trust over toxic residential mortgage loans, telling a New York judge the trust cannot seek compensation for loans that it didn’t provide notice of any breach of contract.

In oral arguments in a Manhattan courtroom, JPMorgan attorney Penny Shane of Sullivan & Cromwell LLP said U.S. Bank National Association, in its capacity as trustee, can’t seek recourse for tens of thousands of loans...
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