Suit Against JPMorgan Is Precluded By SLUSA, Judge Rules

Law360, Wilmington (June 27, 2013, 7:41 PM EDT) -- An Illinois federal judge on Wednesday threw out a putative class action by clients accusing JPMorgan Chase Bank NA of pushing its financial advisers to put their own interests ahead of them, ruling that the complaint is precluded by the U.S. Securities Litigation Uniform Standards Act.

U.S. District Judge John W. Darrah ruled that even though the investors' complaint does not literally accuse JPMorgan of fraud in the matter, the substance of the complaint is a fraud accusation, which is precluded under SLUSA.

“When evaluating whether...
To view the full article, register now.




Case Information

Case Title

Holtz et al v. JP Morgan Chase & Co. et al

Case Number



Illinois Northern

Nature of Suit

190(Contract: Other)


Honorable John W. Darrah

Date Filed

September 5, 2012

Law Firms


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.