5th Circuit Affirms Rulings In Favor Of Bank Landlords

5th Circuit Affirms Rulings In Favor Of Bank Landlords

NEW ORLEANS - The Fifth Circuit U.S. Court of Appeals on Jan. 10 affirmed a federal court's summary judgment award to bank landlords who sued JP Morgan Chase Bank NA (Chase) and the Federal Deposit Insurance Corp. for breach of contract after Chase acquired the assets of Washington Mutual Bank (WaMu) and the FDIC repudiated leases, finding that the landlords do not qualify as intended beneficiaries in a purchase and assumption (P&A) agreement (Excel Willowbrook LLC, et al. v. JP Morgan Chase NA, et al., No. 12-20367, MR/VM Partners Ltd. v. JPMorgan Chase Bank NA, et al., No. 12-20375, Southside/3500 Ltd. v. JPMorgan Chase Bank NA, et al., No. 12-20376, ORTB Wayside Ltd. v. JPMorgan Chase Bank NA, et al., No. 12-20377, Excel Little York Ltd. v. JPMorgan Chase Bank NA, et al., No. 12-20378, 3300 Sage Ltd. v. JPMorgan Chase bank NA, et al., No. 12-20381, FL Westheimer Wilchrest Ltd., et al. v. JPMorgan Chase Bank NA, et al., No. 12-20382, Weichsel Farm Limited Partnership v. JP Morgan Chase Bank NA, et al., No. 12-10784, 5th Cir; 2014 U.S. App. LEXIS 546).

Find full version on lexis Advance®
Access this news story on lexis.com®