X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-After three years in court and allegations that involved millions in potential damages, Jones Lang LaSalle and Bank One—now owned by JP Morgan Chase—have settled their legal disputes. In fact, a joint announcement by the firms indicates Jones Lang LaSalle now counts JP Morgan Chase as a client.

As reported by GlobeSt.com, Bank One filed suit in November 2002 seeking $120 million in compensatory and punitive damages. The suit, filed in Cook County Circuit Court, claimed Jones Lang LaSalle pushed a series of sale-leaseback deals involving its properties, mostly to generate commissions. In addition to denying those allegations, Jones Lang LaSalle counter-sued, claiming Bank One owed $1.2 million in fees, according to documents filed with the Securities and Exchange Commission. Bank One had been a Jones Lang LaSalle client since March 1999, after the financial services company acquired First Chicago.

Specifically, Bank One had accused Jones Lang LaSalle of providing inaccurate financial analyses of sale-leasebacks, according to the November 2002 lawsuit. The bank also charged the real estate services firm with padding bills and faulty asbestos removal.

However, a Cook County Circuit Court judge agreed with Jones Lang LaSalle in December 2003 that Bank One failed to prove it suffered $40 million in damages, according to an SEC filing. Bank One amended its lawsuit without a specific damage amount, but Jones Lang LaSalle succeeded in getting six of the 10 counts dismissed last November, the company added in its filing.

Claims of breach of contract, fraudulent misrepresentation and fraudulent concealment remained on the court docket until Thursday, when both sides announced they had resolved the case, and were continuing to do business with each other. Because it involves a legal suit, Jones Lang LaSalle could not comment about the settlement. JP Morgan Chase could not be reached for comment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.