{"id":5908,"date":"2015-12-22T00:00:00","date_gmt":"2015-12-22T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/12\/jpmorgan_chase_resolves_london"},"modified":"2022-05-17T14:00:51","modified_gmt":"2022-05-17T19:00:51","slug":"jpmorgan-chase-resolves-london","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-resolves-london\/","title":{"rendered":"JPMorgan Chase Resolves \u201cLondon Whale\u201d Class Action Securities Lawsuit for $150M"},"content":{"rendered":"

JPMorgan Chase & Co. (JPM)<\/a> will pay $150 million to resolve investor claims accusing the firm of concealing up to $6.2 billion in losses caused by the trader Bruno Iksil, who was given the nickname \u201cLondon Whale.\u201d Pension funds filed a class action securities case accusing the firm of using its investment office in London as a secret hedge fund. According to the plaintiffs, the bank told them that the office was managing risk when what it was actually doing was making trades for profit. Investors were harmed when huge losses resulting from transactions made through the London office caused the bank\u2019s share price to drop.<\/p>\n

The pension funds said that they suffered tens of millions of dollars of losses because fund managers were provided with information that was \u201cfalse and misleading.\u201d They also believe that the bank knowingly concealed the growing risks that were occurring at the London office.<\/p>\n

Plaintiffs of this lawsuit include the Ohio Public Employees Retirement System, which says it lost $2.5 million, the Arkansas Teacher Retirement System, the state of Ohio, funds in Arkansas, Swedish pension fund AP7, and other JP Morgan shareholders that purchased stock between 2\/24\/10\u2014this is when the company submitted to regulators its 2009 earnings report\u2014and 5\/21\/12. The latter date is when the firm announced that it was stopping a $15 billion share buyback program until it could get a better handle of the losses sustained.<\/p>\n

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

JPMorgan Chase & Co. (JPM) will pay $150 million to resolve investor claims accusing the firm of concealing up to $6.2 billion in losses caused by the trader Bruno Iksil, who was given the nickname \u201cLondon Whale.\u201d Pension funds filed a class action securities case accusing the firm of using its investment office in London […]<\/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":[3804,3752,3958,3957],"tags":[3570],"class_list":["post-5908","post","type-post","status-publish","format-standard","hentry","category-class-action-lawsuits","category-financial-firms","category-jp-morgan-chase","category-pension-funds","tag-london-whale"],"yoast_head":"\nJPMorgan Chase Resolves \u201cLondon Whale\u201d Class Action Securities Lawsuit for $150M — Investor Lawyers Blog — December 22, 2015<\/title>\n<meta name=\"description\" content=\"JPMorgan Chase & Co. 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(JPM) will pay $150 million to resolve investor claims accusing the firm of concealing up to $6.2 billion in losses caused by the — December 22, 2015\" \/>\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=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"JPMorgan Chase Resolves \u201cLondon Whale\u201d Class Action Securities Lawsuit for $150M — Investor Lawyers Blog — December 22, 2015","description":"JPMorgan Chase & Co. 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