HSH Nordbank Files Suit Against JP Morgan Chase for $42 Million in Damages

On August 31, 2011, HSH Nordbank AG filed a summons in New York State Supreme Court against JP Morgan and affiliated entities in connection with the sale of $159 million in five RMBS transactions. In its summons, HSH Nordbank alleges that, in the offering materials for each securitization, JP Morgan Chase made material misrepresentations and omissions regarding the underwriting standards used to originate the loans, loan-to-value ratios of the loans, and percentage of owner-occupied properties. HSH Nordbank seeks a minimum of $42 million in damages. Summons.