Suit Against JPMorgan Is Precluded By SLUSA, Judge Rules

Law360, Wilmington (June 27, 2013, 7:41 PM EDT) -- An Illinois federal judge on Wednesday threw out a putative class action by clients accusing JPMorgan Chase Bank NA of pushing its financial advisers to put their own interests ahead of them, ruling that the complaint is precluded by the U.S. Securities Litigation Uniform Standards Act.

U.S. District Judge John W. Darrah ruled that even though the investors' complaint does not literally accuse JPMorgan of fraud in the matter, the substance of the complaint is a fraud accusation, which is precluded under SLUSA.

“When evaluating whether...
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