home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.

Chase Loses Court Battle

Judge rules in favor of Advanta on most claims

September 13, 2005


A federal district court rejected Chase Manhattan Mortgage Corp.'s claims of fraud and negligent misrepresentation by Advanta Corp.

Advanta announced Monday the rulings by the U.S. District Court for the District of Delaware regarding the complaint Chase filed against it four years ago.

The court denied all of Chase's claims Friday for damages of over $88 million plus interest, except for one contract claim of $17.5 million plus interest, according to the announcement.

The complaint stemmed from Chase's acquisition of substantially all of Advanta's mortgage business on Feb. 28, 2001, for over $1 billion. The JPMorgan Chase mortgage unit sought to have the deal revoked or to be awarded unspecified damages because Advanta allegedly had violated federal securities laws by concealing significant losses and making its business appear more profitable than it actually was, according to a Reuters article. Chase accused Advanta and 12 of its affiliates of fraud, misrepresentation, and breach of contract.

Spring House, Pa.-based Advanta also said it will receive $8.75 million as a result of a settlement with Chase regarding contract claims and counterclaims they both raised in separate 2004 litigation relating to the 2001 transaction.

Chase declined to comment on the matters.

Advanta said it expects to record a third quarter after tax charge to discontinued operations of between $0.41 and $0.44 per diluted share for Class A and Class B shares combined as a result of both the court's decision and the settlement.


Chase Sues Advanta
Advanta Corp. announced Friday that Chase Manhattan Mortgage Corp., a subsidiary of J.P. Morgan Chase & Co., filed a complaint against Advanta and certain of its subsidiaries relating to the sale of the mortgage business to Chase which closed effective February 28, 2001. In its press release, Advanta said that the Complaint was completely unexpected since Chase never engaged in a substantive discussion with Advanta about the issues it is raising in the lawsuit.
July 30, 2001

Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.

E-mail: [email protected]

Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders