JPMC Obtains $69 Million Judgment in Breach of Contract Case

Skadden obtained a $69 million judgment for JP Morgan Chase Bank (JPMC) against DataTreasury (DTC). In 2005, JPMC paid DTC $70 million for a license to its patents and to resolve litigation. Seven years later, after DTC entered into a license agreement with another bank for $250,000, JPMC brought suit to obtain a refund of the difference. After Skadden won numerous motions for summary judgment, leaving only damages in dispute, DTC stipulated that it could no longer raise an issue of material fact. Judge Michael H. Schneider of the U.S. District Court for the Eastern District of Texas entered the final judgment on June 2.