JPMorgan shareholders win London Whale court permission

Beached Whale

JPMorgan shareholders on Tuesday won court permission to pursue their securities fraud lawsuit against the bank over the 'London Whale' trading scandal, which caused a $6.2bn loss, as a class action.

Reuters reports that U.S. District Judge George Daniels in Manhattan rejected the bank's arguments against class action certification, which often results in higher recoveries because plaintiffs can sue as a group rather than individually.

JPMorgan, CE Jamie Dimon and former Chief Financial Officer Douglas Braunstein had said shareholders would be unable to show they relied on alleged misstatements about the bank's risk management, or prove damages on a classwide basis.

To access the complete Reuters article hit the link below:

JPMorgan ordered to face London Whale class action in U.S.

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