JPMorgan says it shouldn't pay $8bn award - or indeed anything

JPMorgan Chase

JPMorgan Chase urged a judge to throw out a stunning $8 billion jury verdict over a mismanaged inheritance, saying the family deserves nothing.

“The law and evidence do not support any claim against JPMorgan, much less the unprecedented multi-billion-dollar punitive damage award, which the heirs have already admitted is unconstitutionally excessive,” the bank said in a filing in Dallas probate court.

Bloomberg News reports that two children of Max Hopper, a former American Airlines executive who died in 2010, have already asked that the damages for them and their father’s estate be reduced to about $74 million, while his widow has yet to weigh in with any adjustment to the ninth-largest verdict in U.S. history.

JPMorgan said the jury “accepted to the penny, the extraordinary invitation” of the family’s legal team to award the $8 billion without doing any ”independent analysis,” according to Thursday’s filing. The bank previously said it was “highly confident” the verdict wouldn’t stand under Texas law.

Hopper, who pioneered a reservation system for the airline, died unexpectedly with assets of more than $19 million but without a will, according to court records.

JPMorgan was hired to administer the estate and the bank.

Hit the link below to access the complete Bloomberg News article:

JPMorgan Says Family Awarded $8 Billion Verdict Deserves Nothing

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