US bank JP Morgan Chase is suing BVG, Berlin's transport authority, for US$204m, the sum which it says it is due to receive after the German entity refused to pay out on a collateralised debt obligation (CDO) which became due. Presentations by JP Morgan were 'misleading in a number of respects, as JP Morgan knew', written submissions from BVG claimed. Clifford Chance says the allegations relating to it are 'misconceived and entirely without merit'. Source: Financial Times
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