JPMorgan Nailed With RMBS Suits Claiming $273M Damages

Law360, New York (March 2, 2012, 5:44 PM EST) -- A U.S. life insurer and a major German bank hit JPMorgan Chase & Co. with suits Thursday claiming the New York financial giant misrepresented the safety of residential mortgage-backed securities investments that cost the plaintiffs $273 million.

Principal Life Insurance Co., part of the Iowa-based Principal Financial Group Inc., claims the defendant's misrepresentations cost it $115 million, while DZ Bank AG claims it has been damaged by $158 million.

The suits in New York state court each seek punitive damages in the same amount as the...
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