JPMorgan directors won't have to face lawsuit over London Whale

Beached Whale

JPMorgan directors don’t have to face an investor lawsuit claiming their miscues left the bank with $6.2bn in losses from a trader known as the London Whale.

Bloomberg News reports that disgruntled JPMorgan shareholders accusing the bank’s board, including CEO Jamie Dimon, of being asleep at the switch can’t re-litigate their claims over losses from botched bets on derivatives, Delaware Chancery Court Judge Sam Glasscock ruled Thursday. The judge said two New York courts already have found directors properly supervised traders.

Investors who filed the Delaware case raised 'identical issues' to those decided by the New York courts and that required the suit to be thrown out, Glasscock said.

JPMorgan has paid more than $1bn and admitted violating U.S. securities laws to resolve probes into the London Whale trading debacle. 

To access the complete Bloomberg News article hit the link below:

JPMorgan Defeats Investors’ Claims Over London-Whale Losses

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