AMSTERDAM—JPMorgan Chase has decided to abandon its claim that it's the rightful owner of The Bend in the Herengracht, a 17th-century painting by Gerrit Adriaensz Berckheyde that was used as collateral when the bank approved a loan to Dutch millionaire Louis Reijtenbagh in 2006.

After pledging the painting to JPMorgan, Reijtenbagh sold it to Amsterdam's Rijksmuseum. Taco Dibbits, the museum’s head of collections, said that at the time of the sale, Reijtenbagh had signed a contract that protected the museum against any third-party claims. JPMorgan was not the only bank to come forward and declare ownership. In April, Dutch bank ABN Amro also attempted to secure the painting, but soon abandoned its claim. Dibbits said that JPMorgan has "renounced its claim to the piece” and that the matter has been settled.

Read more at Agence France-Presse.