9th Circ. Upholds JPMorgan's $15M Win In Meritage Loan Row

By Y. Peter Kang (October 26, 2015, 10:26 PM EDT) -- The Ninth Circuit on Monday affirmed JPMorgan Chase Bank NA's $15.7 million win in a suit filed against Meritage Homes Corp. over repayment of a loan given to a bankrupt real estate developer, saying the bank's subagent Insolvency Services Group Inc. had standing to pursue JPMorgan's claims.

A three-judge Ninth Circuit panel shot down Meritage's contention that the sale of JPMorgan and other lenders' interests in a failed real estate venture to ISG stripped the parties of standing, citing the U.S. Supreme Court's 2008 ruling in Sprint Communications Co. LP v. APCC Serv. Inc., which held that a party assigned a...

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