Pa. Schools Hit JPMorgan With Swaption Suit

Law360, New York (September 15, 2008, 12:00 AM EDT) -- A school district in Pennsylvania is demanding that JPMorgan Chase & Co. and Investment Management Advisory Group Inc. — which the district maintains operated in collusion — hand over nearly $6 million in damages stemming from the 2003 sale of a complex financial instrument.

In a suit filed Friday in the U.S. District Court for the Western District of Pennsylvania, the Butler Area School District said that JPMorgan and IMAGE engaged in a “collusive relationship” when entering into a fixed-for-floating rate swaption agreement with the school...
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