JPMorgan Chase (JPM) must pay a $4 million surety bond to expedite the transfer of foreclosure cases still under the umbrella of foreclosure law firm Ben-Ezra & Katz. The U.S. District Court for the Southern District of Florida made that ruling after JPMorgan Chase Bank sued Ben-Ezra, alleging the firm is delaying the return of foreclosure documents that represent $400 million in financial transactions. JPMorgan requested the documents after terminating an agreement with Ben-Ezra to handle its foreclosures. After the original complaint was filed, Ben-Ezra said it was responding to the request in good faith. The Florida-based law firm also pushed back, saying it’s owed $6.2 million in legal fees. JPMorgan offered a surety bond of $2.8 million to cover any remaining legal expenses to expedite the return of the documents. The court split the difference Friday, striking down JPMorgan’s request for an injunction and temporary restraining order against Ben-Ezra, and setting the surety bond amount at $4 million. “We are pleased with the court’s order for Chase to post a $4 million surety bond and deny its request for a preliminary injunction,” the law firm said Friday. “This will enable Ben-Ezra & Katz to complete its longstanding pledge to transfer the files in an orderly, professional manner.” JPMorgan Chase was not immediately available for comment. Write to Kerri Panchuk.
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