J.P. Morgan has been sued over the alleged double-leasing of oil property in south Texas. The lawsuit was filed by Orca Assets G.P. LLC in U.S. District Court in Dallas, alleging negligent misrepresentation and fraud. Orca, a small, Houston-based energy company, is suing the country’s largest bank by assets, claiming that J.P. Morgan leased property that had already been leased to another entity.<\/p>\n
Orca claims that it agreed to pay $3.2 million for the lease to over 900 acres. J.P. Morgan represented the seller, the Red Crest Trust, and also served as trustee and administrator of the trust. Orca is claiming lost profits of up to $400 million.<\/p>\n
J.P. Morgan filed a motion for summary judgment, in which it acknowledged that it had leased the property both to Orca and to another entity within a time period of five months. However, the bank claimed that Orca failed in its responsibility to thoroughly vet (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" J.P. Morgan has been sued over the alleged double-leasing of oil property in south Texas. The lawsuit was filed by Orca Assets G.P. LLC in U.S. District Court in Dallas, alleging negligent misrepresentation and fraud. Orca, a small, Houston-based energy…<\/span><\/p>\n