JPMorgan 'London Whale’ ERISA Fight Heading To 2nd Circ.
Law360, New York (January 22, 2016, 1:16 PM EST) -- JPMorgan Chase & Co. employees claiming their retirement plan tanked after the $6 billion “London Whale” fiasco told a New York federal court on Thursday that they intend to appeal the potential class action’s dismissal to the Second Circuit.
U.S. District Judge George B. Daniels on Jan. 8 dismissed the case, finding that JPMorgan’s actions taken as a sponsor of the plan didn’t amount to fiduciary functions that triggered liability under the Employee Retirement Income Security Act.
The current and former employees bringing the suit said JPMorgan violated ERISA by continuing to allow investments in the company's stock even though they...
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