- Fed’l Judge Says Chase Must Post $4M Surety Bond to Get Its Foreclosure Files Back From Law Firm
Business of Law
Fed’l Judge Says Chase Must Post $4M Surety Bond to Get Its Foreclosure Files Back From Law Firm
Posted Apr 1, 2011 5:39 PM CDT
By Martha Neil
A federal judge in Florida has ruled that Chase Home Finance must post a $4 million surety bond before the Ben-Ezra & Katz law firm is required to return to the bank foreclosure files for some $400 million worth of mortgages.
The law firm contends that it is owed $6.2 million for work it did for Chase prior to the termination of its representation. Meanwhile, the law firm has given notice that it plans to lay off another 54 employees in May, after letting go 236 workers in February, reports the Palm Beach Post.
The article doesn't explain why the U.S. District Court for the Southern District of Florida required a surety bond for $4 million rather than the full $6.2 million claimed by the law firm to be owed. The ruling was made in a lawsuit filed by Chase seeking the return of the foreclosure files.
ABAJournal.com: "Chase Sues Its Former Foreclosure Counsel, Seeks Turnover of Files in $400M Worth of Cases"