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JPMorgan eyes court switch
Source: Agencies |
September 28, 2011, Wednesday
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JPMORGAN Chase & Co is asking to move to federal court a lawsuit from Lehman Brothers Holdings Inc accusing it of siphoning US$8.6 billion from Lehman's estate in the days leading up to its record bankruptcy.
In court papers filed late Monday, JPMorgan said the case, filed in the United States Bankruptcy Court, should be moved to federal court in light of the Supreme Court's contentious June ruling in former Playboy model Anna Nicole Smith's inheritance battle.
The case pitted the late Smith against the estate of her deceased former husband J. Howard Marshall. The court ruled against Smith's estate, saying bankruptcy courts lack authority to decide claims brought by a bankruptcy debtor against a creditor, unless the claims are fully rooted in bankruptcy law.
JPMorgan said in court papers on Monday that Lehman's 49-count complaint goes "above and beyond" bankruptcy law, including accusations of fraud, coercion and breach of contract.
Lehman defended the bankruptcy court's jurisdiction, saying in a Monday filing that the lawsuit's allegations carry a bankruptcy context because they challenge JPMorgan's original proofs of claim against Lehman.
The suit, filed in May 2010, accuses JPMorgan of illegally siphoning about US$8.6 billion of desperately-needed assets in the days leading up to Lehman's bankruptcy.
Lehman said JPMorgan, its main clearing bank, used "unparalleled access" to the details of its financial distress to extract the collateral, hastening its US$639 billion bankruptcy, which remains the largest ever and sparked the financial crisis.
JPMorgan countersued in December, saying Lehman stuck it with over US$25 billion in toxic loans.
In court papers filed late Monday, JPMorgan said the case, filed in the United States Bankruptcy Court, should be moved to federal court in light of the Supreme Court's contentious June ruling in former Playboy model Anna Nicole Smith's inheritance battle.
The case pitted the late Smith against the estate of her deceased former husband J. Howard Marshall. The court ruled against Smith's estate, saying bankruptcy courts lack authority to decide claims brought by a bankruptcy debtor against a creditor, unless the claims are fully rooted in bankruptcy law.
JPMorgan said in court papers on Monday that Lehman's 49-count complaint goes "above and beyond" bankruptcy law, including accusations of fraud, coercion and breach of contract.
Lehman defended the bankruptcy court's jurisdiction, saying in a Monday filing that the lawsuit's allegations carry a bankruptcy context because they challenge JPMorgan's original proofs of claim against Lehman.
The suit, filed in May 2010, accuses JPMorgan of illegally siphoning about US$8.6 billion of desperately-needed assets in the days leading up to Lehman's bankruptcy.
Lehman said JPMorgan, its main clearing bank, used "unparalleled access" to the details of its financial distress to extract the collateral, hastening its US$639 billion bankruptcy, which remains the largest ever and sparked the financial crisis.
JPMorgan countersued in December, saying Lehman stuck it with over US$25 billion in toxic loans.
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