{"id":1282,"date":"2013-07-10T14:59:14","date_gmt":"2013-07-10T14:59:14","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/07\/securities_headlines_court_say"},"modified":"2022-03-10T16:37:43","modified_gmt":"2022-03-10T22:37:43","slug":"securities-headlines-court-say","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-headlines-court-say\/","title":{"rendered":"Securities Headlines: Court Says SLUSA Precludes JPMorgan Mutual Fund Practices, Provident Royalties Ex-Executives to Pay $2.3M, & Two Securities America Advisers Are Rehired"},"content":{"rendered":"

\t\t\t\tSLUSA Precludes JPMorgan Securities Allegations Involving Mutual Fund Sales<\/strong><\/p>\n

As preempted by the Securities Litigation Uniform Standards Act, the U.S. District Court for the Northern District of Illinois dismissed what would have been a would-be state law class action against JPMorgan Securities LLC (JPM) and related entities over mutual-fund sales practices that allegedly maximized defendants’ revenues at cost to fund investors. Per the securities lawsuit, financial advisers were pressured and given incentives to sell the defendants’ proprietary mutual funds rather than ones run by third parties, placing their own financial interests before those of clients. The would-be class includes advisory clients from 2008 through that paid management fees and had assets in the defendants’ proprietary funds. <\/p>\n

The defendants sought to have the case dismissed, contending that the claims alleging fraud related to the buying and selling of securities are precluded by SLUSA. The district court concurred, with Judge John Darrah noting that although the complaint presented state law claims involving breaches of fiduciary duty and contract, the allegations’ substance describes a fraudulent scam to sell securities. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

SLUSA Precludes JPMorgan Securities Allegations Involving Mutual Fund Sales As preempted by the Securities Litigation Uniform Standards Act, the U.S. District Court for the Northern District of Illinois dismissed what would have been a would-be state law class action against JPMorgan Securities LLC (JPM) and related entities over mutual-fund sales practices that allegedly maximized defendants’ […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3797],"tags":[],"class_list":["post-1282","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-j-p-morgan-chase"],"yoast_head":"\nSecurities Headlines: Court Says SLUSA Precludes JPMorgan Mutual Fund Practices, Provident Royalties Ex-Executives to Pay $2.3M, & Two Securities America Advisers Are Rehired — Investor Lawyers Blog — July 10, 2013<\/title>\n<meta name=\"description\" content=\"SLUSA Precludes JPMorgan Securities Allegations Involving Mutual Fund Sales As preempted by the Securities Litigation Uniform Standards Act, the U.S. — July 10, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-headlines-court-say\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Securities Headlines: Court Says SLUSA Precludes JPMorgan Mutual Fund Practices, Provident Royalties Ex-Executives to Pay $2.3M, & Two Securities America Advisers Are Rehired — Investor Lawyers Blog — July 10, 2013\" \/>\n<meta name=\"twitter:description\" content=\"SLUSA Precludes JPMorgan Securities Allegations Involving Mutual Fund Sales As preempted by the Securities Litigation Uniform Standards Act, the U.S. — July 10, 2013\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Securities Headlines: Court Says SLUSA Precludes JPMorgan Mutual Fund Practices, Provident Royalties Ex-Executives to Pay $2.3M, & Two Securities America Advisers Are Rehired — Investor Lawyers Blog — July 10, 2013","description":"SLUSA Precludes JPMorgan Securities Allegations Involving Mutual Fund Sales As preempted by the Securities Litigation Uniform Standards Act, the U.S. — July 10, 2013","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/securities-headlines-court-say\/","twitter_card":"summary_large_image","twitter_title":"Securities Headlines: Court Says SLUSA Precludes JPMorgan Mutual Fund Practices, Provident Royalties Ex-Executives to Pay $2.3M, & Two Securities America Advisers Are Rehired — Investor Lawyers Blog — July 10, 2013","twitter_description":"SLUSA Precludes JPMorgan Securities Allegations Involving Mutual Fund Sales As preempted by the Securities Litigation Uniform Standards Act, the U.S. — July 10, 2013","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/securities-headlines-court-say\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/securities-headlines-court-say\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Securities Headlines: Court Says SLUSA Precludes JPMorgan Mutual Fund Practices, Provident Royalties Ex-Executives to Pay $2.3M, & Two Securities America Advisers Are Rehired","datePublished":"2013-07-10T14:59:14+00:00","dateModified":"2022-03-10T22:37:43+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/securities-headlines-court-say\/"},"wordCount":668,"articleSection":["Financial Firms","J P Morgan - 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