In a summary judgment order that could have repercussions on other lawsuits arising out of the financial crisis, Southern District Judge Jed Rakoff (See Profile) on April 3 largely dismissed a $774 million fraud suit against JPMorgan Chase by a French-Belgian bank. Rakoff ruled that Dexia S.A. doesn’t have standing to bring claims in over 60 of the 65 mortgage-backed securities at issue in the case. The ruling in Dexia SA v. Bear Stearns, 12-cv-04761, if it stands on appeal, may limit Dexia’s potential damages to $5.7 million.
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