Bankrupt Broadcaster Alleges JPMorgan Helped Siphon $929 Million

JPMorgan Chase & Co. was accused of helping Sinclair Broadcast Group raid its own local sports television unit for $929 million when that affiliate, Diamond Sports Group, was likely insolvent, according to a lawsuit made public Monday.

Diamond accused JPMorgan of working with Sinclair — Diamond’s parent company — to extract the cash from the sports broadcasting business as it was headed toward Chapter 11 with billions of dollars in debt, according to the complaint in Texas bankruptcy court. Diamond has separately accused Sinclair of wrongly draining $1.5 billion from the business, an allegation the parent company denies. ...