JPMorgan Execs Sued Over $88M Cuba, Iran Sanction Deal

Law360, New York (September 8, 2011, 7:58 PM EDT) -- A Louisiana retirement fund on Tuesday filed a shareholder derivative suit in New York claiming JPMorgan Chase Bank NA's board of directors should be liable for an $88.3 million payment settling allegations that the bank violated sanctions on Cuba, Iran and Sudan.

The Louisiana Municipal Police Employees Retirement System accused JPMorgan's board of directors of knowingly allowing the alleged illegal transactions that led to the Aug. 25 settlement with the U.S. Department of the Treasury's Office of Foreign Assets Control.

"The present board embraced or recklessly...
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