JPMorgan Escapes WaMu ERISA Action

Law360, New York (October 6, 2009, 5:51 PM EDT) -- The federal judge overseeing a consolidated putative class action brought by participants of Washington Mutual Inc.'s savings plan has dismissed JPMorgan Chase & Co. as a defendant, saying its acquisition of the failed financial giant's banking unit did not include the transfer of fiduciary liability.

Judge Marsha Pechman of the U.S District Court for the Western District of Washington issued a ruling Monday granting JPMorgan's motion to dismiss all the claims against it, agreeing that the plaintiffs had “not advanced a plausible theory of successorship.”...
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