Pursuits
Trial of Len Blavatnik’s Suit Against JPMorgan Ends
This article is for subscribers only.
Billionaire Leonard Blavatnik’s lawyers asked a New York judge to hold JPMorgan Chase & Co. responsible for stuffing a fund with risky mortgage securities and losing 10 percent of his $1 billion investment.
Blavatnik, 55, ranked 49th on Bloomberg’s billionaires index with a net worth of $16.2 billion, sued JPMorgan in New York state court in June 2009, accusing the biggest U.S. bank by assets of putting more money into mortgage securities in his CMMF fund than investment guidelines allowed.