Wells Fargo & Co. sued JPMorgan Chase & Co. over a defaulted $481 million commercial real estate loan, claiming JPMorgan allowed the loan to move forward despite knowing financial statements distributed to investors were false.
Wells Fargo’s Monday complaint filed in the US District Court for the Southern District of New York claims JPMorgan issued the loan in 2019 as part of the Chetrit Group’s purchase of 43 multifamily properties across 10 states. The properties contained nearly 8,700 apartments, according to the complaint.
JPMorgan and Meyer Chetrit, a principal of the Chetrit Group—a Manhattan real estate company—knew the sellers of ...
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