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Bank One Successor, Jones Lang LaSalle Settle Suits

CHICAGO-Now owned by JP Morgan Chase, Bank One drops a $120-million suit against Jones Lang LaSalle, largely over sale-leaseback deals. The real estate firm also drops a suit claiming $1.2 million in unpaid fees.

By Mark Ruda | Updated on November 10, 2005

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.

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