JPMorgan Brass Beats Derivative Suit Over Libor Fixing

Law360, New York (March 27, 2014, 2:20 PM EDT) -- A New York judge on Thursday dismissed a shareholder derivative lawsuit brought against the top brass at JPMorgan Chase & Co. over the bank's alleged role in manipulation of the London interbank offered rate, finding JPMorgan's board properly rejected the plaintiff's request to take action.

Following oral arguments, New York Supreme Court Judge Shirley Werner Kornreich found that the JPMorgan heads were protected by the business judgment rule when they decided against taking legal action over JPMorgan's purported involvement with a cabal of other banks that allegedly conspired to keep the Libor interest rate artificially low.

She noted the decision by...

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