JPMorgan Execs Want Out Of London Whale Shareholder Suit

Law360, Los Angeles (July 10, 2013, 8:18 PM EDT) -- Current and former officers and directors of JPMorgan Chase & Co. asked a New York federal court Wednesday to dismiss a shareholder derivative action alleging they breached fiduciary duties in connection to the so-called London Whale trading losses suffered last year.

The $6.2 billion loss resulted from derivatives trades at a London-based portfolio managed by JPMorgan’s Chief Investment Office. Plaintiff Ernesto Espinoza filed suit in April for breaches of fiduciary duty, waste of corporate assets and unjust enrichment, saying the executives refused to conduct an investigation...
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