{"id":5312,"date":"2012-05-17T00:00:00","date_gmt":"2012-05-17T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2012\/05\/jpmorgan_chase_shareholders_fi"},"modified":"2022-04-28T12:51:21","modified_gmt":"2022-04-28T17:51:21","slug":"jpmorgan-chase-shareholders-fi","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-shareholders-fi\/","title":{"rendered":"JPMorgan Chase Shareholders File Securities Lawsuits Over $2B Trading Loss"},"content":{"rendered":"

\t\t\t\tTwo securities lawsuits<\/a> have been filed on behalf of shareholders and investors of JPMorgan Chase & Co. (JPM) over the financial firm\u2019s $2 billion trading loss from synthetic credit products. According to CEO Jamie Dimon, the massive loss is a result of \u201cegregious\u201d failures made by the financial firm\u2019s chief investment officer and a hedging strategy that failed. Both complaints were filed on Tuesday in federal court.<\/p>\n

One securities case was brought by Saratoga Advantage Trust — Financial Services Portfolio. The Arizona trust is seeking to represent everyone who suffered losses on the stock that it contends were a result of alleged misstatements the investment bank had made. Affected investors would have bought the stock on April 13 (or later), which is the day that Dimon had minimized any concerns about the financial firm\u2019s trading risk during a conference call.<\/p>\n

Per Saratoga Advantage Trust v JPMorgan Chase & Co.<\/em>, the week after the call, losses from the trades went up to about $200 million a day. The Arizona Trust is accusing Dimon and CFO Douglas Braunstein of issuing statements during that conversation that were misleading and \u201cmaterially false,\u201d as well as misrepresenting not just the losses but also the risks from major bets placed on \u201cderivative contracts involving credit indexes reflecting corporate bonds interest rates.\u201d<\/p>\n

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

Two securities lawsuits have been filed on behalf of shareholders and investors of JPMorgan Chase & Co. (JPM) over the financial firm\u2019s $2 billion trading loss from synthetic credit products. According to CEO Jamie Dimon, the massive loss is a result of \u201cegregious\u201d failures made by the financial firm\u2019s chief investment officer and a hedging […]<\/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":[3752,3958,4005,3741],"tags":[],"class_list":["post-5312","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-jp-morgan-chase","category-misrepresentations-and-omissio","category-securities-fraud"],"yoast_head":"\nJPMorgan Chase Shareholders File Securities Lawsuits Over $2B Trading Loss — Investor Lawyers Blog — May 17, 2012<\/title>\n<meta name=\"description\" content=\"Two securities lawsuits have been filed on behalf of JPMorgan Chase & Co over the financial firm\u2019s $2 billion trading loss from synthetic credit products.\" \/>\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\/jpmorgan-chase-shareholders-fi\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"JPMorgan Chase Shareholders File Securities Lawsuits Over $2B Trading Loss — Investor Lawyers Blog — May 17, 2012\" \/>\n<meta name=\"twitter:description\" content=\"Two securities lawsuits have been filed on behalf of JPMorgan Chase & Co over the financial firm\u2019s $2 billion trading loss from synthetic credit products.\" \/>\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":"JPMorgan Chase Shareholders File Securities Lawsuits Over $2B Trading Loss — Investor Lawyers Blog — May 17, 2012","description":"Two securities lawsuits have been filed on behalf of JPMorgan Chase & Co over the financial firm\u2019s $2 billion trading loss from synthetic credit products.","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\/jpmorgan-chase-shareholders-fi\/","twitter_card":"summary_large_image","twitter_title":"JPMorgan Chase Shareholders File Securities Lawsuits Over $2B Trading Loss — Investor Lawyers Blog — May 17, 2012","twitter_description":"Two securities lawsuits have been filed on behalf of JPMorgan Chase & Co over the financial firm\u2019s $2 billion trading loss from synthetic credit products.","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\/jpmorgan-chase-shareholders-fi\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-shareholders-fi\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"JPMorgan Chase Shareholders File Securities Lawsuits Over $2B Trading Loss","datePublished":"2012-05-17T05:00:00+00:00","dateModified":"2022-04-28T17:51:21+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-shareholders-fi\/"},"wordCount":604,"articleSection":["Financial Firms","JP Morgan Chase","Misrepresentations and Omissions","Securities Fraud"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-shareholders-fi\/","url":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-shareholders-fi\/","name":"JPMorgan Chase Shareholders File Securities Lawsuits Over $2B Trading Loss — Investor Lawyers Blog — May 17, 2012","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2012-05-17T05:00:00+00:00","dateModified":"2022-04-28T17:51:21+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Two securities lawsuits have been filed on behalf of JPMorgan Chase & Co over the financial firm\u2019s $2 billion trading loss from synthetic credit products.","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-shareholders-fi\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-shareholders-fi\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-shareholders-fi\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"JPMorgan Chase Shareholders File Securities Lawsuits Over $2B Trading Loss"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards & Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards & Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards & Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-1nG","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/5312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=5312"}],"version-history":[{"count":2,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/5312\/revisions"}],"predecessor-version":[{"id":26876,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/5312\/revisions\/26876"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=5312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=5312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=5312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}