{"id":5955,"date":"2016-05-12T00:00:00","date_gmt":"2016-05-12T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/05\/jpmorgan_to_pay_150m_to_pensio"},"modified":"2016-05-12T00:00:00","modified_gmt":"2016-05-12T05:00:00","slug":"jpmorgan-to-pay-150m-to-pensio","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-to-pay-150m-to-pensio\/","title":{"rendered":"JPMorgan to Pay $150M to Pension Funds Over London Whale-Related Losses"},"content":{"rendered":"

A U.S. district court judge has approved a settlement reached at the end of last year between JPMorgan Chase & Co. (JPM) <\/a>and pension funds related to trades made by Bruno Iksil, who earned the nickname \u201cLondon Whale\u201d because of his huge market-moving positions in credit derivatives. In their class action securities case<\/a>, the plaintiffs accused the firm of using its chief investment office in London as a secret hedge fund and hiding up to $6.2M in losses. <\/p>\n

Even though the office was supposed to be primarily for managing risk, the plaintiffs believe that it was making high-risk trades for profit, including trading in complex credit derivatives. Depositors\u2019 money was purportedly used in secret for making certain trades. Shareholders claim that JPMorgan knew about the increased risks it was taking and hiding them. <\/p>\n

JPMorgan has not admitted to wrongdoing by settling this deal. However, it was also fined over $1B by regulators in the U.K. and the U.S. for management deficiencies related to the London Whale scandal.<\/p>\n

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

A U.S. district court judge has approved a settlement reached at the end of last year between JPMorgan Chase & Co. (JPM) and pension funds related to trades made by Bruno Iksil, who earned the nickname \u201cLondon Whale\u201d because of his huge market-moving positions in credit derivatives. In their class action securities case, the plaintiffs […]<\/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":[3752,3958,3957],"tags":[3570],"class_list":["post-5955","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-jp-morgan-chase","category-pension-funds","tag-london-whale"],"yoast_head":"\nJPMorgan to Pay $150M to Pension Funds Over London Whale-Related Losses — Investor Lawyers Blog — May 12, 2016<\/title>\n<meta name=\"description\" content=\"A U.S. district court judge has approved a settlement reached at the end of last year between JPMorgan Chase & Co. 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