JPMorgan Gets Claims Trimmed From ERISA Action

Law360, San Diego (August 5, 2011, 9:41 PM EDT) -- A New York federal judge granted partial summary judgment Friday to JPMorgan Chase Bank NA in a class action arising out of its investment of several retirement funds’ cash collateral in medium-term notes of Sigma Finance Inc., a structured investment vehicle that collapsed in 2008.

U.S. District Judge Shira Scheindlin dismissed the funds' claims that JPMorgan had breached its duties of loyalty by investing its fiduciary clients' cash collateral in the notes while simultaneously extending billions of dollars of repurchase agreement, or repo, financing to Sigma....
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