Mexico judge cancels arrest warrant for JPMorgan executive, bank says

A judge in Mexico canceled an arrest warrant for the country head of U.S. investment bank JPMorgan Chase & Co and another employee, the bank said, just days after it was issued.

The fourth district judge of Acapulco in the state of Guerrero had signed the warrant, for alleged fraud related to a 2007 loan to a Mexican real estate developer.

The developer, Elias Sacal, also filed a $1.2 billion lawsuit against the bank in New York, accusing it of fraudulently inducing the developer to transfer properties based on a false promise it would sell them.

Without giving further details, JPMorgan said in a statement that the cancellation was signed and that no further actions were being pursued by prosecutors. It said earlier in the week that the allegations of wrongdoing had no merit.

Re-disseminated by The Asian Banker Reuters

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