DZ Bank, a clearinghouse for German cooperative banks, dropped three lawsuits it filed against JPMorgan Chase & Co. (JPM:US) over about $645 million in residential mortgage-backed securities.
DZ Bank, based in Frankfurt, filed the suits in New York state Supreme Court in Manhattan in January and March last year, accusing the New York-based bank of making misrepresentations and omissions about underwriting standards used to issue the mortgages that were pooled into the securities.
DZ Bank discontinued its claims against JPMorgan “with prejudice,” meaning they can’t be refiled, and “without costs to either party as to the other,” according to a court filing dated yesterday. Mark S. Arisohn, an attorney with Labaton Sucharow LLP representing DZ Bank, didn’t immediately return a voice-mail message seeking comment on the filing.
One of two clearing organizations for Germany’s cooperative banks, DZ Bank has sued other banks in the same court during the past two years, including and Bank of America Corp. (BAC:US) and Credit Suisse Group AG.
Jennifer Zuccarelli, a spokeswoman for JPMorgan, didn’t immediately return an e-mail sent after normal business hours seeking comment on the filing.
The cases are Deutsche Zentral-Genossenchaftsbank AG, New York Branch, v. JPMorgan Chase & Co., 650293/2012, 650616/2012 and 651021/2012, New York state Supreme Court, New York County (Manhattan).
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