JPMorgan Sued by NES Financial Over 2008 Sale of Business
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JPMorgan Chase & Co. was sued by NES Financial Corp. for allegedly defrauding it in the purchase of a tax-related business, leaving NES with billions of dollars in potential liability.
NES Financial, in a complaint filed in federal court in Manhattan yesterday, claimed that JPMorgan improperly hid a “lengthy history of legal violations” when it sold its Section 1031 tax-deferred exchange business to NES in 2008.