Blavatnik Award In JPMorgan Case Raised To $63M

Law360, New York (August 29, 2013, 7:37 PM EDT) -- A New York state judge who last week ordered JPMorgan Chase & Co. to pay a Russian billionaire more than $50 million over claims the bank caused him to suffer serious losses due to unnecessary risks involving mortgage-backed securities has raised the award to at least $63 million, according to court filings and news reports.

In a court filing dated Tuesday, Judge Melvin L. Schweitzer raised the annual interest to be paid on JPMorgan's award to Access Industries Group owner Leonard Blavatnik from 5 percent to the statutory rate of 9 percent...
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.