'London Whale' Shareholder Derivative Suit Gets Canned

Law360, New York (January 15, 2014, 7:27 PM EST) -- A New York judge threw out a shareholder derivative suit targeting JPMorgan Chase & Co.’s top brass over the bank’s purported lack of oversight that led to the infamous $6 billion “London Whale” trading loss, finding Wednesday that the demand futility requirement had not been excused.

New York Supreme Court Judge Jeffrey K. Oing ruled that the action — which claimed the JPMorgan board of directors, including CEO Jamie Dimon, recklessly failed to disclose a lack of internal controls that allowed the rogue London trader to...
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