In a major victory for JPMorgan Chase, Judge Jed Rakoff dismissed claims by Dexia, a Belgian-French financial institution that had sued the nation's largest bank over losses on $1.6 billion in 65 residential mortgage investments.
European Union regulators have granted $7.3bn bailout package for banking group Dexia. Further, France, Belgium and Luxembourg have agreed to offer €85bn refinancing guarantee, according to the bailout plan.
Franco-Belgian bank Dexia gave fresh details of its European Union-backed plan for winding down the bank, warning that its earnings would be hit by high borrowing costs and expenses related to asset sales.
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