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April 2, 2014

JPMorgan fails to end lawsuit over London Whale losses

“JPMorgan Chase & Co must face a lawsuit from shareholders accusing it of securities fraud by misleading them about its ability to manage risk, which surfaced when it lost $6.2 billion in the “London Whale” scandal.

“U.S. District Judge George Daniels in Manhattan said shareholders could pursue claims that JPMorgan, Chief Executive Jamie Dimon and former Chief Financial Officer Douglas Braunstein knowingly hid the increased risks that the bank’s Chief Investment Office had been taking in early 2012.

“In separate decisions also issued on Monday, the judge also dismissed a lawsuit brought against JPMorgan directors, and a lawsuit by employees over their losses from investing in the bank’s stock in their retirement accounts.

“The $6.2 billion loss was linked to trades by Bruno Iksil, a French national who had worked in a bank office in London.”

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Read full Reuters article here.

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