NEW YORK (AP) — Shareholders of JPMorgan Chase & Co. have filed two lawsuits against the nation's biggest bank, accusing it and its leaders of taking excessive risk and causing a monumental $2 billion trading loss.
The company disclosed the loss last week, saying it resulted from a failed hedging strategy.
The lawsuits filed on Wednesday in New York claim JPMorgan changed its risk model without telling investors. They say the shift led to the losses and claim company leaders misled investors.
One suit was filed by California shareholder James Baker. A second was filed by shareholder Arizona-based Saratoga Advantage Trust's financial services portfolio.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
