JPMorgan wins dismissal of London Whale suit

Beached Whale

JPMorgan officials including CEO Jamie Dimon do not have to face a shareholder lawsuit claiming they failed to properly investigate the 'London Whale' trading scandal that caused $6.2bn in losses, a federal appeals court ruled on Tuesday.

Reuters reports that the 2nd U.S. Circuit Court of Appeals in New York said a lower court judge did not abuse his discretion by dismissing the lawsuit by shareholder Ernesto Espinoza.

Writing for a three-judge appeals court panel, Chief Judge Robert Katzmann said Espinoza did not meet the high standard of showing the board committed 'gross negligence' in probing the losses and deciding not to sue people who were involved.

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

JPMorgan wins dismissal of shareholder lawsuit over London Whale

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