Reuters: JPMorgan to Face ‘London Whale’ Class Action



Reuters reported that JPMorgan Chase shareholders won court permission to pursue their securities fraud lawsuit against the bank over the “London Whale” trading scandal, which caused a $6.2 billion loss, as a class action.

Reuters said a U.S. District Court Judge in Manhattan rejected the largest U.S. bank’s arguments against class action certification, which often results in higher recoveries because plaintiffs can sue as a group rather than individually.

Reuters noted that JPMorgan paid more than $1 billion and admitted wrongdoing to settle U.S. and British probes into “London Whale” losses.


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