JPMorgan Board Liable for London Losses, Investors Say
This article is for subscribers only.
JPMorgan Chase & Co. directors, including Chief Executive Officer Jamie Dimon, should face claims they were asleep at the switch while the bank racked up $6.2 billion in losses tied to a trader nicknamed the London Whale, a lawyer for investors said.
JPMorgan’s board showed “blatant disregard” for its oversight responsibilities in connection with speculative credit-derivative trades made through its former London-based chief investment office and should be liable for investors’ losses, Peter Safirstein, an attorney for a Maryland-based fund that owns shares in the bank, told a judge Tuesday.