The legal dispute between Jefferson County and J.P. Morgan Chase, which recommended and sold its now defunct sewer bonds, is going on the road. Jefferson County lawyers were recently granted permission to view documents related to a settled civil case against the bank in Texas.
The investor lawsuit had alleged that he suffered losses when Jefferson County defaulted on the bonds, arguing they were an unsuitable investment. In requesting permission to review the lawsuit documents and question the plaintiff in the case, the county stated that it was concerned information he collected as part of his case may be thrown away.
“If such information is discarded, destroyed or otherwise lost, the county may be unable to obtain the documents,” the county said in its request.
What Do Jefferson County Lawyers Hope to Find?
According to court documents, lawyers are particularly interested in sworn deposition testimony of JPMorgan executives regarding the sewer bonds.
“Without limitation, the documents produced by the parties and third parties, and the sworn deposition testimony of JPMorgan representatives and others, in connection with the Crane lawsuit may be relevant … to matters which may affect the administration of the county’s bankruptcy case,” they argued before the court.
It will be interesting to see what they find and how it may impact the ongoing bankruptcy case.
Source: Birmingham News
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