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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.

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