JPMorgan defeats 'culture of lawlessness' lawsuit

JPMorgan directors don’t have to face claims that they failed to ensure the bank had robust programs to police money laundering and cost the company more than $2bn in fines.

Bloomberg News reports that JPMorgan shareholders suing the bank’s board for creating a 'culture of lawlessness' through lax oversight of money laundering controls can’t re-litigate claims already decided in New York’s courts, a Delaware judge ruled Wednesday.

Investors’ allegations that the failure to comply with anti-money laundering regulations damaged the bank’s reputation and exposed it to penalties 'arose out the same transactions' targeted in a suit dismissed by a New York judge, Delaware Chancery Court Judge Donald Parsons concluded.

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

JPMorgan Defeats Investor Suit Over Money-Laundering Lapses

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