According to headlines from Bloomberg, insurance company Allstate is suing JPMorgan for mortgage-backed securities sales fraud.
Details are scarce, but this would obviously be consistent with a raft of lawsuits against banks from insurance companies happening right now. Generally they claim they were mislead somehow on the quality of MBS portfolios that the banks sold to them.
We’ll pub the complaint when availble.
Meanwhile, here’s the docket:
New York Supreme Court New York County
Docket for Case #: 650398/2011
Allstate Bank v. JPMorgan Chase Bank, N.A.
Date Filed: Feb. 16, 2011 Status: Open
Parties and Attorneys Plaintiff Allstate Bank
Plaintiff Allstate Insurance Company
Plaintiff Allstate Life Insurance Company
Plaintiff Allstate New Jersey Insurance Company
Plaintiff Allstate Life Insurance Company of New York
Plaintiff Agents Pension Plan
Plaintiff Allstate Retirement Plan
Defendant JPMorgan Chase Bank, N.A.
Defendant J.P. Morgan Acquisition Corporation
Defendant J.P. Morgan Securities Inc.
Defendant J.Pm Morgan Acceptance Corporation I
Defendant WM Asset Holdings Corporation
Defendant WAMU Asset Acceptance Corporation
Defendant WAMU Capital Corporation
Defendant Washington Mutual Mortgage Securities Corporation
Defendant David Beck
Defendant Diane Novak
Defendant Thomas Lehmann
Defendant EMC Mortgage Corporation
Defendant Structured Asset Mortgage Investments II Inc.
Defendant Bear Sterns Asset Backed Securities I LLC
Defendant SACO I Inc.