American Dream Mall Builder Sues JPMorgan for Unpaid Work
JPMorgan Chase & Co. is facing a lawsuit from the builder of the American Dream Mall in East Rutherford, New Jersey, for unpaid work. Triple Five Group, the builder of the mall, claims that JPMorgan has failed to pay them for work that was completed in 2020. The lawsuit was filed in the New Jersey Superior Court in Bergen County on June 18th.
Background of the American Dream Mall
The American Dream Mall is a 3 million square foot shopping and entertainment complex located in East Rutherford, New Jersey. It is owned by Triple Five Group, a Canadian-based real estate development company. The mall was originally planned to open in 2017, but due to various delays, it was not completed until March of 2020.
Triple Five Group’s Allegations
Triple Five Group is alleging that JPMorgan has failed to pay them for work that was completed in 2020. The lawsuit claims that JPMorgan owes Triple Five Group more than $100 million for the work that was done. Triple Five Group is seeking damages for breach of contract, unjust enrichment, and other claims.
JPMorgan’s Response
JPMorgan has denied the allegations and has stated that it has paid Triple Five Group for all of the work that was completed. JPMorgan has also stated that it is in the process of resolving the dispute with Triple Five Group.
Impact of the Lawsuit
The lawsuit could have a significant impact on the American Dream Mall. If Triple Five Group is successful in its lawsuit, it could result in a large financial burden for JPMorgan. This could potentially delay the opening of the mall, as well as put a strain on the relationship between JPMorgan and Triple Five Group.
Future of the American Dream Mall
Despite the lawsuit, the American Dream Mall is still scheduled to open in the near future. The mall is expected to be a major tourist attraction, with over 500 stores, a water park, an amusement park, and a ski slope. It is estimated that the mall will generate over $2 billion in annual revenue.
Conclusion
JPMorgan Chase & Co. is facing a lawsuit from the builder of the American Dream Mall in East Rutherford, New Jersey, for unpaid work. Triple Five Group is alleging that JPMorgan has failed to pay them for work that was completed in 2020 and is seeking damages for breach of contract, unjust enrichment, and other claims. JPMorgan has denied the allegations and has stated that it has paid Triple Five Group for all of the work that was completed. The lawsuit could have a significant impact on the American Dream Mall, but it is still scheduled to open in the near future.