A 17th century painting of Amsterdam’s Herengracht canal, which was at the centre of a dispute with merchant bank JPMorgan Chase, is to stay at the city’s Rijksmuseum.
The painting, by Gerrit Adriaensz Berckheyde, was used as collateral on a loan by Dutch millionaire investor Louis Reijtenbagh. But unbeknown to the bank, last September Reijtenbagh sold the work to the Rijksmuseum.
Then, earlier this year, the merchant bank claimed ownership of the former doctor’s entire art collection following his default on the €33m loan.
According to the FD on Monday, Reijtenbagh and JPMorgan Chase have now reached an out of court settlement in their dispute over the late repayment of a $50m loan.
The deal means the family’s art collection, which also includes a Rembrandt self portrait, has been returned.
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