Reversing his own prior ruling, a Delaware judge has breathed new life into a breach of contract lawsuit against EMC Mortgage LLC and JPMorgan Chase Bank NA, which serviced $500 million in mortgages that now-defunct Bear Stearns bundled into securities and sold to investors.
Vice Chancellor J. Travis Laster of Delaware Chancery Court ruled Monday that U.S. Bank NA and its lawyers at Quinn Emanuel Urquhart & Sullivan didn’t miss their deadline to bring claims against EMC and JPMorgan. U.S. Bank—the trustee of what was once a $501 million mortgage-backed trust created by Bear Stearns—accuses EMC and JPMorgan of breaching a purchase agreement that required them to buy back shoddy mortgages.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
