| As Wells Fargo Sues
JPMorgan Chase for Breach of
Contract Discovery Delay Obtained
by
Matthew Russell Lee, Patreon Book
Substack
SDNY
COURTHOUSE,
April 29 – JPMorgan Chase has
been sued for allegedly
offloading a dud commercial
real estate loan, knowing the
underlying numbers were
inaccurate. On April 29 U.S.
District Court for the
Southern District of New York
Dale E. Ho held a conference.
Inner City Press live tweeted
it, from the thread:
Quinn
Emanuel for Wells Fargo: We
have an NOI claim about the
loan agreement. The borrowers
warranted that the
representations about the
properties were accurate -
they were not.
Quinn Emanuel for
Wells Fargo: What JPM Chase
conveyed from Chetrit was
inaccurate. The remedy against
JPMorgan is repurchase, a
contractual remedy. The Shadow
Creek claim is about another
error, we seek to correct the
error in the security document
Quinn Emanuel for
Wells Fargo: The DOJ conducted
an inquiry, resulting in the
plea of Tyler Ross. So we
proposed discovery of seven
months; JPMorgan wants ten
months.
JPMorgan's
S&C lawyer: The criminal
case notwithstanding, JPMorgan
was the victim.
Judge Ho: I'll
extend the time to answer,
move or otherwise respond. And
I'll extend the expert
discovery deadline to March
17, 2026. Adjourned
The case is Wells
Fargo Bank, National
Association v. JPMorgan Chase
Bank, National Association, et
al., 1:25-cv-01943 (Ho)
***
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