JPMorgan Hit With Derivative Suit Over $20B In Fines

Law360, New York (January 24, 2014, 5:00 PM EST) -- JPMorgan Chase & Co. and its directors were hit with a derivative suit in California federal court on Tuesday over the $20 billion worth of fines the bank has paid over the past year for nearly a decade's worth of alleged wrongdoing, including the fraudulent sale and marketing of mortgage-backed securities.

The complaint, filed by shareholder Bradley P. Miller, lambasted the bank’s leadership for creating a culture of risk that led to the “London Whale” trades, manipulating the energy market, selling and marketing subprime mortgage loans...
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