Texas Justices Will Hear JPMorgan Gas Lease Fraud Case

Law360, New York (March 13, 2017, 3:08 PM EDT) -- The Texas Supreme Court on Friday granted JPMorgan Chase Bank's petition for review in a fight against Orca Asset LLC's allegations that the financial firm committed fraud and misrepresented claims in an oil and gas lease contract, arguing that a lower court should not have allowed the suit to move to trial because Orca accepted responsibility for the contract's risks.

Orca, which in 2010 contracted with JPMorgan to lease land located southeast of San Antonio, Texas, for oil and gas development, alleges that JPMorgan fraudulently represented that the leases were available when in fact they had been sold. When Orca was...

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