Will be keeping my eye on the case.
Eric Schneiderman, New York’s attorney general, filed the civil lawsuit in New York state court Monday. The case is the first brought under the aegis of a law enforcement group that was formed by President Barack Obama in January to pursue alleged wrongdoing related to the financial crisis.
Update: Here is the NY AG’s 31 page complaint against JP Morgan Chase. Hat tip to Alison Frankel. Click here. One wrinkle in NY AG suit: Asserts JPMorgan’s successor liability for Bear Stearns/EMC MBS judgments thru NY de facto merger law. Bad for JP Morgan Chase. JPMC complaint: Bank “failed to fully evaluate the loans, largely ignored the defects that their limited review did uncover…”