7th Circuit Affirms $53M Judgment In Favor Of Chase

CHICAGO - A district court correctly held that a settlement waived a borrower's implied warranty defenses and counterclaim, the Seventh Circuit U.S. Court of Appeals found Feb. 21, affirming a decision that granted a $53 million judgment to JPMorgan Chase Bank N.A. (Chase) in a suit the bank brought for nonpayment (JPMorgan Chase Bank N.A. v. Asia Pulp & Paper Co. Ltd., et al., No. 10-3413, No. 12-2123, 7th Cir.; 2013 U.S. App. LEXIS 3617)....(read more)