Photographer: Michael Nagle/Bloomberg
JPMorgan's $4 Billion Texas Verdict May Be Pared to $71 MillionBy
JPMorgan Chase & Co. was ordered by a Dallas jury in September to pay more than $4 billion in damages for mishandling a client’s estate. It looks like the bank is going to be paying significantly less than that.
The probate court trial, brought by the heirs of former airline executive Max Hopper, ended in September with a jury awarding $7 million in compensatory damages and billions in punitive damages, the bank said Wednesday in a filing. But “in light of legal limitations on the availability of damages” some of the plaintiffs moved for a total of $71 million in damages, JPMorgan said. Another plaintiff has yet to make a request.
The court hasn’t entered a judgment and both sides are “engaged in post-trial briefing,” JPMorgan said.