JPMorgan Says $6B 'London Whale' Loss Suit Falls Flat

Law360, New York (June 11, 2013, 10:13 PM EDT) -- JPMorgan Chase & Co. urged a New York judge on Tuesday to toss a consolidated securities class action over its $6.2 billion “London Whale” loss, saying allegations that it misled investors about its risk management practices were an attempt to plead “fraud by hindsight.”

Any flaws in the derivatives trading strategy of Bruno Iksil and other London employees did not make various general statements about JPMorgan's risk management practices dating back to February 2010 false or misleading, the bank says. The ill-fated trades, which earned Iksil...
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