JPMorgan Sued By Employees Over $2B Trading Loss

Law360, New York (May 22, 2012, 6:56 PM EDT) -- JPMorgan Chase & Co. was hit with a proposed class action Monday in New York federal court by employees enrolled in the bank's retirement plan who lost money on company stock after the shocking announcement that the bank had sustained $2 billion in trading losses earlier this month.

The complaint accuses the company and several of its highest-ranking officers, including CEO Jamie Dimon and former Chief Investment Officer Ina Drew, of violating their responsibility to 401(k) and retirement plan participants by misstating the company's financial health,...
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