2nd Circ. Again Tosses ‘London Whale’ Derivative Suit
Law360, New York (December 3, 2015, 5:09 PM EST) -- The Second Circuit on Thursday affirmed for a second time a decision dismissing derivative claims that JPMorgan Chase & Co. and its executives failed to fully investigate the bank’s $6 billion “London Whale” trading loss, after receiving clarification from the Delaware Supreme Court.
The Second Circuit said that Thursday JPMorgan's board had the discretion to investigate claims related to the $6 billion London Whale trading loss that a shareholder has raised. (Credit: AP) The three-judge panel again upheld U.S. District Judge George B. Daniels’ March 2014 finding that shareholder Ernesto Espinoza couldn’t show that JPMorgan’s board had been negligent in rejecting...
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