Wells Fargo sued JPMorgan Chase on Monday to recover losses for investors in a $481 million commercial real estate loan that was allegedly based on a fraudulently inflated financial metric.

JPMorgan failed to conduct due diligence on the commercial real estate loan, then quickly offloaded the risk, “taking home millions of dollars of fees in the process,” Wells asserted.

Wells Fargo filed suit against fellow banking giant J.P. Morgan Chase alleging false financial statements for a $481 million CMBS loan.

Wells Fargo & Co. sued JPMorgan Chase & Co. over a defaulted $481 million commercial real estate loan, claiming JPMorgan allowed the loan to move forward despite knowing financial statements distributed to investors were false.

Wells Fargo & Company (WFC) filed a lawsuit against JPMorgan Chase (JPM) in connection with a $481M commercial real estate loan, Reuters reported, citing a complaint in the Manhattan federal court.