The City of Cleveland sued 21 financial institutions, including Chase Bank (JPM), four years ago accusing the lenders of creating foreclosure issues across the city by securitizing subprime mortgages.
The case was dismissed by a lower court and then revived by the U.S. Court of Appeals for the Sixth Circuit this week, according to LegalNewsline.
Despite the case being reignited by the Sixth Circuit, LegalNewsline says the U.S. Supreme Court has already refused an appeal on the city's first lawsuit against Chase and the defendant was dropped from a second lawsuit filed in July, making the revived case essentially a moot point.
The original case was documented in a 2010 film called "Cleveland v. Wall Street."
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