2nd Circ. Chucks JPMorgan Retirees' Enron Loss Suit

Law360, New York (May 8, 2012, 2:37 PM EDT) -- The Second Circuit refused Tuesday to revive a putative class action alleging JPMorgan Chase & Co. duped employee retirement fund participants to invest in the bank by hiding its risky dealings with former energy giant Enron Corp.

A three-judge panel denied an appeal by participants in JPMorgan’s 401(k) savings plan. The plaintiffs claimed plan administrators allowed employees to invest in company stock without disclosing that the bank had engaged in shady round-trip transactions with Enron, in violation of the Employee Retirement Income Security Act.

The deals...
To view the full article, register now.