JPMorgan Faces New Lawsuit Over 'Whale' Losses

Reuters reported that a Missouri pension fund has sued JPMorgan Chase executives and board members over $6.2 billion in trading losses that were revealed last year, citing a recent U.S. Senate report that criticized the bank’s management for failing to catch the bad trades.

Reuters noted the fund highlighted letters from a union pension adviser that they said “warned the board multiple times that the company’s lack of internal controls and severely flawed risk oversight structure posed serious threats” to the bank. The letters were from the spring and summer of 2011, according to the lawsuit, Reuters said.

To read the Reuters story click here.

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