State of New Jersey Ex Rel. Edelweiss Fund, LLC v. JPMorgan Chase & Co.

CourtSupreme Court of New Jersey
DecidedJuly 16, 2026
DocketA-60-24
StatusPublished

This text of State of New Jersey Ex Rel. Edelweiss Fund, LLC v. JPMorgan Chase & Co. (State of New Jersey Ex Rel. Edelweiss Fund, LLC v. JPMorgan Chase & Co.) is published on Counsel Stack Legal Research, covering Supreme Court of New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
State of New Jersey Ex Rel. Edelweiss Fund, LLC v. JPMorgan Chase & Co., (N.J. 2026).

Opinion

SYLLABUS

This syllabus is not part of the Court’s opinion. It has been prepared by the Office of the Clerk for the convenience of the reader. It has been neither reviewed nor approved by the Court and may not summarize all portions of the opinion.

State ex rel. Edelweiss Fund, LLC v. JPMorgan Chase & Co. (A-60-24) (090285)

Argued April 27, 2026 -- Decided July 16, 2026

JUSTICE PIERRE-LOUIS, writing for a unanimous Court.

Here, the Court considers whether a 2023 amendment to New Jersey’s False Claims Act (NJFCA) that allows the Attorney General to oppose application of the public disclosure bar to suits brought by private parties applies to a notice of opposition submitted after the amendment’s effective date in a preexisting case.

The State of New Jersey entered into agreements with various financial services companies (collectively, defendants) that required defendants to price and market Variable Rate Demand Obligations (VRDOs) by considering the individual characteristics of each bond and the associated market conditions. B. Johan Rosenberg, the sole principal of Edelweiss Fund, LLC (Edelweiss), suspected that defendants were “robo-resetting” the interest rates and began to investigate. In 2015, Edelweiss filed a complaint under seal on behalf of the State of New Jersey, alleging that defendants violated the NJFCA in connection with the resetting of VRDO interest rates. The Attorney General declined to intervene in the case.

Defendants moved to dismiss, raising the NJFCA’s public disclosure bar, which prohibits private parties from suing based on publicly disclosed transactions. The trial court granted the motion, holding that the information Edelweiss relied on was publicly available. In March 2021, Edelweiss filed an amended complaint, and defendants again moved to dismiss. This time, the trial court denied the motion, finding that the case now required further discovery, limited to the public disclosure bar. After discovery, both parties filed summary judgment motions.

While those motions were pending, the Legislature enacted amendments to various provisions of the NJFCA, including the “Opposition Amendment,” which amended N.J.S.A. 2A:32C-9(c) to permit the Attorney General to oppose dismissal on public disclosure bar grounds without needing to intervene and take over an action as previously required. The Legislature specified that the amendments were to “take effect immediately.” In August 2023, the Attorney General filed a notice of opposition in this matter pursuant to the amended statute.

1 In October 2023, the trial court granted summary judgment in favor of Edelweiss and denied defendants’ motion, holding that the Opposition Amendment applied and permitted the Attorney General to veto the public disclosure bar. The Appellate Division reversed, holding that the Opposition Amendment did not apply retroactively. The Court granted certification. 260 N.J. 479, 480 (2025).

HELD: The 2023 Opposition Amendment was procedural in nature and took effect immediately as directed by the Legislature. The Attorney General effectively opposed application of the public disclosure bar in this matter, which may now proceed.

1. With regard to whether legislative enactments should apply prospectively or retroactively, New Jersey courts have established a distinction between substance and procedure. Enactments that affect substantive rights are presumed to operate prospectively so that individuals have advance notice of the liability rules that will attach to their underlying conduct, with the commonly used phrase “shall take effect immediately” interpreted to oppose retroactive application. On the other hand, “where the course of practice or procedure for the enforcement of a right, or the prosecution of a suit, shall be changed, actions now pending, or hereafter begun shall be conducted as near as may be in accordance with such altered practice or procedure.” N.J.S.A. 1:1-14 (emphasis added). The United States Supreme Court clarified in Landgraf v. USI Film Products, 511 U.S. 244 (1994), that remedial and procedural statutes can have retroactive effect not because they are an exception to the presumption against retroactivity, but because they are not “retroactive” in the first place; that is, they do not impair rights a party possessed when the party acted, increase a party’s liability for past conduct, or impose new duties with respect to transactions already completed. The Court reviews that case. (pp. 15-19)

2. The NJFCA imposes civil penalties on any person who “[k]nowingly presents . . . a false or fraudulent claim for payment or approval.” N.J.S.A. 2A:32C-3(a). Like its federal counterpart, the FCA, the NJFCA allows cases either to be brought directly by the government or to be brought by a private individual -- a qui tam relator -- who sues “in the name of the State of New Jersey.” N.J.S.A. 2A:32C-5(a) to (b). A relator can share in the State’s recovery if the lawsuit ultimately succeeds. Id. at -7. The Attorney General may choose to intervene in the case and, if not, may seek to do so at a later time, which the court must allow “upon a showing of good cause.” Id. at -6(f). The NJFCA’s public disclosure bar precludes actions by relators based on publicly disclosed “allegations or transactions.” N.J.S.A. 2A:32C- 9(c). The bar serves as a barrier to “parasitic lawsuits” -- lawsuits brought by private parties taking advantage of information already in the public domain -- while simultaneously encouraging private persons to root out fraud. (pp. 19-20)

2 3. Prior to the 2023 amendment, the public disclosure bar -- an affirmative defense -- was unavailable in two situations: (1) when an action was brought by the Attorney General, and (2) when “the person bringing the action [was] an original source of the information.” N.J.S.A. 2A:32C-9(c) (2022). In 2023, the New Jersey Legislature amended the NJFCA. Among other changes and as relevant here, the Opposition Amendment altered the role of the Attorney General with respect to the public disclosure bar, with its provisions to “take effect immediately.” The amended statute now makes the public disclosure bar defense unavailable in three situations: if the action is (1) “opposed by the Attorney General,” (2) “brought by the Attorney General,” or (3) “the person bringing the action is an original source of the information.” N.J.S.A. 2A:32C-9(c). (pp. 20-23)

4. Applying those principles, the Opposition Amendment was a procedural, not substantive, change to the statute and therefore allows the Attorney General to file a notice of opposition any time after the amendment’s enactment -- including in the present action -- in keeping with the Legislature’s directive that the amendments take effect “immediately.” Allowing the Attorney General the ability to file the notice of opposition pursuant to the amended N.J.S.A. 2A:32C-9(c) is a prospective, not retroactive, application of the Opposition Amendment. The Court explains why the Appellate Division’s holding in State ex rel. Health Choice Group, LLC v. Bayer Corp., 478 N.J. Super. 184 (App. Div. 2024), that the 2023 amendment to the NJFCA’s “original source” language did not apply to pending cases, does not control the outcome here: whereas Health Choice involved an amendment that relates to the substantive elements of the public disclosure bar, the Opposition Amendment was procedural. The Attorney General always had the ability to prevent application of the public disclosure bar, and the Opposition Amendment altered only the way the Attorney General could exercise the discretion to do so. The Court rejects the argument that the Opposition Amendment is a substantive change because it deprives defendants of an affirmative defense.

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State of New Jersey Ex Rel. Edelweiss Fund, LLC v. JPMorgan Chase & Co., Counsel Stack Legal Research, https://law.counselstack.com/opinion/state-of-new-jersey-ex-rel-edelweiss-fund-llc-v-jpmorgan-chase-co-nj-2026.