JPMorgan Unit No Longer Faces Peralta College Bond Suit
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A lawsuit against a JPMorgan Chase & Co. unit over a $25 million bond-purchase contract was dropped by the Peralta Community College District in Oakland, California, which had claimed the bank would get a windfall.
Peralta sued JPMorgan Securities LLC Aug. 13 claiming the bank was seeking to force it to make good on a 2006 contract requiring it to issue high interest-rate bonds and sell them to the bank, which would resell them at a profit of as much as $4 million, according to the complaint.