Skip to main content


September 29, 2015

JPMorgan Ordered to Face London Whale Class Action in U.S

“NEW YORK — JPMorgan Chase & Co shareholders on Tuesday won court permission to pursue their securities fraud lawsuit against the bank over the “London Whale” trading scandal, which caused a $6.2 billion loss, as a class action.

“U.S. District Judge George Daniels in Manhattan rejected the largest U.S. bank’s arguments against class action certification, which often results in higher recoveries because plaintiffs can sue as a group rather than individually.

“JPMorgan, Chief Executive Officer Jamie Dimon and former Chief Financial Officer Douglas Braunstein had said shareholders would be unable to show they relied on alleged misstatements about the bank’s risk management, or prove damages on a classwide basis.

“Brian Marchiony, a bank spokesman, declined to comment.

“The lawsuit stemmed from oversight by JPMorgan’s Chief Investment Office of a synthetic credit portfolio that caused the $6.2 billion loss and was linked to traders in the bank’s London office including Bruno Iksil, the so-called London Whale.”


Read the full Reuters article by Jonathan Stempel here.



For media inquiries, please contact us at or 202-618-6433.

Contact Us

For media inquiries, please contact or 202-618-6433.

To sign up for our email newsletter, please visit this page.

This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

"* (Required)" indicates required fields

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact or 202-618-6433.


Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today