JPMorgan Lost $95M With Bad MBS Investments: Billionaire

Law360, New York (January 14, 2013, 3:19 PM EST) -- A JPMorgan Chase & Co. affiliate lost a Russian-American billionaire $95 million by stuffing his conservative cash-management account with risky mortgage-backed securities, the billionaire's attorney told a New York state judge Monday as a two-week bench trial kicks off.

Len Blavatnik, the billionaire owner of holding company Access Industries Group, wanted safe, liquid investments in his billion-dollar cash management account at J.P. Morgan Investment Management Inc. Instead, the bank plowed his money into risky mortgage-backed securities, according to Blavatnik  attorney Richard I. Werder of Quinn Emanuel...
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