Brand
We mean business
Comprehensive legal services for businesses
in New Jersey and New York

COVID-19 Notice: In order to best serve you, while being mindful of your health and safety, we are available for consultations and conferences via telephone and video. We can arrange for documents to be prepared, reviewed, signed and exchanged electronically. We are ready to assist you with all of your legal needs.

We are open and ready to assist you. Go to our COVID-19 Updates page to see our latest statement on the crisis and a list of recent news and developments during this challenging time.
GO
Close
top-contextual
comprehensive legal services for businesses

JPMorgan escapes from investment securities fraud lawsuit

With the exception of one state, all states in the country follow the Uniform Commercial Code or UCC, including New Jersey. According to USLegal, the UCC governs buying and selling of goods and services across the state lines, hence making it easier to manage interstate sales and transactions. Complying with the UCC or any set of regulations may not always be easy, considering that it covers a wide variety of topics in business and commercial transactions. Even huge multinational companies are subject to lawsuits for violating the code.

For instance, the Bear Stearns unit of banking and financial company JPMorgan Chase & Co. recently got entangled in a lawsuit filed by SRM Global, with the latter claiming that the former committed a fraud or misrepresentation of the value of their investment securities. SRM Global claimed that JPMorgan breached the Exchange Act.

Fortunately for the financial company, the lawsuit was dismissed due to the amount of time it took for the complainant to sue them. In addition, there were no particular commercial transactions, lease of goods, or transfer of money explicitly implicating JPMorgan. This made the district court judge conclude that there were no viable proofs presented during the trials.

Even though JPMorgan managed to escape from the investment securities lawsuit, the same cannot be said for your company. A thorough understanding of the UCC is important, especially if your New Jersey business is dealing with interstate affairs. Although it is highly advisable to study the UCC during business formation, you will largely benefit from a legal counsel who knows the ins and outs of the UCC and other laws governing commercial sales and transactions.

Source: Bloomberg Businessweek, “JPMorgan’s Bear Stearns Wins Dismissal of $200 Million Suit (1),” Patricia Hurtado, Feb. 5, 2014

Office Location

Dunn Lambert, LLC
East 80 Route 4 Suite 170
Paramus, NJ 07652

Paramus Law Office Map

Dunn Lambert, LLC
1745 Broadway, 17th Floor
New York, NY 10019
New York Law Office Map


Phone: 201-957-0874
Fax: 201-291-0140

Phone: 201-291-0700
Fax: 212-519-9804
Best Lawyers | Best Law Firms | U.S.News & world report | 2017

GET ANSWERS from a firm
with a sense of business.

Archives

Review US
FindLaw Network