March 31 (Bloomberg) — JPMorgan Chase & Co. won dismissal of a lawsuit filed on behalf of current and former employees over losses in their retirement accounts allegedly stemming from the $6.2 billion "London Whale" trading debacle.
U.S. District Judge George B. Daniels in Manhattan today dismissed the suit by participants in the retirement plan who lost money on company stock after the bank reported a $2 billion trading loss.
The employees said the bank made misstatements about its financial health from January to April 2012, allowing its stock to trade at inflated prices. They claim they lost money when JPMorgan disclosed its losses publicly.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.