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http://nycourts.law.com/CourtDocumentViewer.asp?view=Document&docID=48301

Judge Lynch

A LAWSUIT was brought concerning a $7.5 million personal loan that defendant, a senior executive at Global Crossing Ltd., borrowed from plaintiff JPMorgan Chase’s private banking division and failed to repay. The court had denied defendant’s motion to dismiss and granted plaintiff’s cross-motion for summary judgment on the doctrine of equitable subrogation. The instant court denied defendant’s motion for reconsideration, finding that none of defendant’s assertions about the need for discovery on the “knowledge or expectations” of the participants alter the reasoning or conclusion of the previous order as to the balance of equities between the parties. The court added that there is no new evidence concerning the authority of plaintiff to act on behalf of the participant banks, defendant’s asserted “diminution of collateral” contractual defense to the promissory note, or defendant’s assertion that Global Crossing extended the term of his obligation under a reimbursement agreement.

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