Irish firms in billion-dollar battle

Two Irish companies have become embroiled in a billion-dollar courtroom battle with JPMorgan Chase over US toxic sub-prime debt.

The Irish-based companies, Orkney Re II Plc and Ballantyne Re Plc, are subsidiaries of US insurance giants Assured Guaranty and Ambac Assurance. The suits were originally filed in 2008 and 2009, but are currently being heard in the New York State Supreme Court.

The pair allege that JPMorgan loaded investment accounts with mortgage bonds ...