JPMorgan Skirts ERISA Action Over Lehman Investments

Law360, New York (April 20, 2012, 9:52 PM EDT) -- A New York federal judge on Friday threw out a pension fund's putative class action against JPMorgan Chase Bank NA over its allegedly risky investments in Lehman Brothers Inc. fixed-rate notes, saying the plaintiff’s allegations were conclusory.

U.S. District Judge Barbara S. Jones said in her decision that claims that JPMorgan breached its fiduciary duty to the Operating Engineers Pension Trust by investing its assets in Lehman notes despite allegedly knowing Lehman was flirting with financial trouble had no standing.

"Armed with merely conclusory allegations, [the]...
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