NEW YORK--()--Zamansky & Associates has been appointed by the Court to serve as sole interim lead counsel in an ERISA class action on behalf of JPMorgan Chase (“JPM”) employees. The case concerns the losses JPM employees suffered as a result of the JPM’s stock drop once the “London Whale” derivative trading losses were belatedly disclosed. ERISA imposes fiduciary duties on companies to prudently manage and invest plan assets. These duties were violated by JPM’s failure to effectively monitor and disclose the risks associated with the “London Whale” trades.
“This should never have happened. I can’t justify it. Unfortunately, these mistakes are self-inflicted.”
On May 10, 2012, JPM shocked financial markets when it first disclosed publicly that it had suffered a $2 billion trading loss from complex, proprietary derivatives trades. Jamie Dimon, the CEO, has said, “This should never have happened. I can’t justify it. Unfortunately, these mistakes are self-inflicted.” Since that time, JPM’s loss from the trading position has reportedly grown to as much as $6 billion. JPM stock suffered steep declines once the losses were disclosed. On May 10, 2012, JPM opened at $41.25 per share, and within ten days had fallen to $32.51. As a result, JPM’s retirement and 401(k) plans have suffered hundreds of millions of dollars in losses. It was recently reported that a criminal investigation into the losses has commenced.
If you are a current or former employee of JPMorgan Chase and participated in the company’s retirement plans, including its 401(k), its Deferred Compensation Program or its Retirement Plan, please contact us to discuss your legal rights.
About Zamansky & Associates
Zamansky & Associates is one of the leading law firms specializing in securities fraud and financial services arbitration and class action litigation. We represent both individual and institutional investors and courts have appointed us lead or co-lead counsel in numerous complex securities class actions. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
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