Syncora Guarantee’s lawsuit accusing JPMorgan Chase (JPM) unit Bear Stearns & Co. of making false and misleading statements connected with a mortgage-backed securities transaction was dismissed on appeal, Bloomberg reported.
“Here, both actions arise out of the same transaction, involve the same allegations concerning Bear Stearns’s and EMC’s concerted actions in the ’mortgage-loan-securitization chain’ and seek the same recovery for the same alleged injuries — that is, recovery of ’claims payments made and to be made’ under the policy,” Justice Karla Moskowitz wrote.
