Plaintiffs Attys Buoyed By JPMorgan 'Whale' Report

Law360, New York (January 16, 2013, 7:59 PM EST) -- Although it lacked a smoking gun, a JPMorgan Chase & Co. report Wednesday blaming top executives for lax oversight in the bank’s $5.8 billion “London Whale” trading loss could provide ammunition to shareholders suing over the blunder in federal court, attorneys say.

The 129-page report, attached to JPMorgan’s quarterly earnings, described oversight failures that allowed former London-based trader Bruno Iksil to sell a fortune in credit default swaps, derivatives that act as insurance contracts against the default of corporate or government debt. The massive trades turned...
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