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JPMorgan Sued For $1.2B Over Mexican Properties Trust

Law360 (June 12, 2018, 8:28 PM EDT) -- J.P. Morgan Chase Bank N.A. tricked a Mexican real estate developer into transferring properties worth “hundreds of millions of dollars” into its control by fraudulently promising to sell them, according to a $1.2 billion lawsuit filed in New York federal court Monday.

Real estate developer Elias Sacal claims JPMorgan encouraged him to move some of his company BVG World’s holdings to a trust in order to pay off a $99 million debt that BVG owed the bank. He claims the deal mandated the bank would sell the...
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