JPMorgan 401(k) Plan Participants Win Cert. In ERISA Suit

Law360 (June 12, 2019, 10:00 PM EDT) -- More than a quarter-million participants in JPMorgan Chase 401(k) plans can move forward as a group with their lawsuit alleging that the bank mismanaged their retirement savings, a New York federal judge ruled Tuesday.

U.S. District Judge Jesse M. Furman swept aside arguments JPMorgan Chase Bank NA had made last year against certifying the class action brought under the Employee Retirement Income Security Act.

The Wall Street titan had argued that some of the named plaintiffs couldn’t sue because they had signed agreements to arbitrate claims regarding their retirement savings. But Judge Furman said the bank lost its chance to push...

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