Pension Trust Hits JPMorgan With ERISA Class Action

Law360, New York (November 18, 2009, 7:03 PM EST) -- The Operating Engineers Pension Trust's board of trustees has launched a putative class action against JPMorgan Chase Bank NA for allegedly violating the Employment Retirement Income Security Act by taking undue risks with the collateral posted for a securities lending program that borrowed securities in the trust's retirement funds.

JPMorgan has “recklessly engaged in imprudent and disloyal investment activities” that caused substantial losses to the pension trust's retirement plans and violated its inherent fiduciary duties and those duties set forth under ERISA, according to the amended...
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