JPMorgan Investors Blast Risk Policy In 'London Whale' Suit

Law360, New York (August 13, 2013, 3:27 PM EDT) -- Investors suing JPMorgan Chase & Co. over its $6.2 billion “London Whale” loss on Monday lambasted the bank’s attempt to toss the consolidated class action, arguing that JPMorgan lied about its main risk management unit, which was actually a high-risk, unregulated trading desk.

The putative class contends that JPMorgan’s Chief Investment Office, which purportedly managed risk for the company as a whole and housed infamous trader Bruno Iksil, was secretly engaged in proprietary trading for its own account, taking massive positions in exotic securities and went...
To view the full article, register now.

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.