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JPMorgan Must Pay $18 Million to Heiress Over Derivatives

JPMorgan Chase & Co. was ordered by an Oklahoma court to pay $18.1 million to the trust fund of a 75-year-old oil heiress for selling her derivatives that she claimed she didn’t understand.

The bank must also pay punitive damages to the Carolyn S. Burford Trust, which benefits the granddaughter of Oklahoma oilman William G. Skelly, Tulsa County District Court Judge Linda Morrissey ruled yesterday. The evidence “overwhelmingly demonstrates the bank’s grossly negligent and reckless administration of the trust,” Morrissey said.