JPMorgan Chase & Co.'s banking unit is seeking more than $753 million from a fund overseen by Parkcentral Capital Management LP, a Texas private investment firm controlled by the family of the one-time presidential candidate Ross Perot.
In a lawsuit filed last week, JPMorgan Chase alleges that the fund, Parkcentral Global Hub Ltd., defaulted on an agreement related to certain derivatives contracts by failing to post $125.4 million of eligible collateral support as required Nov. 20.
As a result, Parkcentral Global is obligated to pay JPMorgan Chase more than $753 million for early termination of the agreement and to cover certain unwound transactions, minus certain offsets, according to the suit, which was filed in the New York State Supreme Court in Manhattan.
A Parkcentral Capital spokesman did not immediately return a phone call seeking comment on the matter Monday.
