JP Morgan Chase Sues Art Collector

Reuters is reporting that JP Morgan Chase has filed suit against a wealthy Dutch art collector for $23 million dollars. The loans were secured by art, which have now reportedly have been removed from the US.

According to Reuters, JPMorgan sued Reijtenbagh for breach of contract and other claims. It contends the artwork backing the loan was supposed to be safeguarded at an apartment in the Trump Tower Condominium on Manhattan's Fifth Avenue that is owned by Reijtenbagh's sons, Jacob and Edgar.

However, JPMorgan contends, the defendants moved the "art collateral ... outside of the apartment and the United States" without the bank's consent.

A list of the art includes works by Rembrandt, Picasso, Claude Monet, Edgar Degas, Pierre Bonnard, Rene Magritte and others.

To read the full Reuters article, click HERE.