JPMorgan Execs At Fault For $5.8B Trading Loss, Suit Says

Law360, New York (October 2, 2012, 2:03 PM EDT) -- A Michigan pension plan slapped both former and current JPMorgan & Chase Co. officials with a shareholder derivative suit in New York federal court on Friday over the bank's ill-fated credit derivative bets that cost it at least $5.8 billion.

The suit, filed by the Wayne County Employees' Retirement System, claims JPMorgan officials — including chairman and CEO Jamie Dimon and the bank's board of directors — breached their fiduciary duties by allowing the company's London-based chief investment office to take risky credit derivative positions that...
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