Syncora Insists Federal, State JPMorgan MBS Suits Different

Law360, New York (February 15, 2013, 3:28 PM EST) -- A Syncora Guarantee Inc. attorney told a New York state appeals court Friday that the monoline insurer's $404 million suit over a JPMorgan Chase & Co. affiliate's mortgage-backed securities it insured should go forward because it was different from a similar federal lawsuit.

Philip R. Forlenza of Patterson Belknap Webb & Tyler LLP, who represents Syncora, told a five-judge panel that Syncora's state lawsuit isn't precluded it's against JPMorgan, the company that swallowed up Bear Stearns & Co. Inc. in a taxpayer-financed deal during the financial...
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