JPMorgan Chase Bank NA will remain in a lawsuit over employees’ alleged assistance to a $119 million real estate Ponzi scheme after a federal court rejected its defenses.
A court-appointed receiver for Silicon Sage Builders LLC, the vehicle for the alleged fraud, has standing to sue the bank, Judge Charles R. Breyer said Monday for the US District Court for the Northern District of California. And the claims are timely, Breyer said.
Breyer agreed with Chase that receiver David Stapleton can’t bring a standalone claim for unjust enrichment, but allowed him to pursue it as a remedy in connection with ...
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