Bank One Seeks $120M from Jones Lang LaSalle

CHICAGO-A three-year relationship between Jones Lang LaSalle and Bank One has ended bitterly, with both the brokerage and client suing each other over the former’s performance and the latter’s non-payment of fees. Bank One’s suit filed in Cook County Circuit Court seeks $40 million, and another $80 million in punitive damages, suggesting the real estate advisory firm pushed sale-leaseback deals that did little except generate commissions for Jones Lang LaSalle.

Besides filing its own suit seeking $1.2 million in fees four days after Bank One did, Jones Lang LaSalle says allegations against the company are without merit. “I am deeply disappointed that a company of this stature would seek to impugn others, through litigation and blame, and to avoid paying compensation for services provided,” chairman Stuart L. Scott says in a statement. “We stand behind the quality of our work and the advice of our people. At the end of the day, we are confident that our reputation for putting our clients’ interests first will prevail.”

Jones Lang LaSalle’s financial analyses suppressed expected income and boosted expenses to make the sale-leaseback benefits appear more attractive than they were, the bank says. For details, see Sale-Leasebacks Prove Costly, Bank Alleges.