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JPMorgan faces class-action lawsuit over $2-B loss


After losing more than $2-billion in “complex derivatives” trading, JPMorgan Chase faces a lawsuit filed Wednesday, May 17, by US fund manager Saratoga Capital Management. The suit is a result of  the “false and misleading statements and omissions” that JPMorgan top officials uttered when they downplayed reports of massive amounts being betted in risky trading. Jamie Dimon, JPMorgan Chase chief executive and chair, tagged the reports a “complete tempest in a teapot.” Saratoga said in its court filing that the class suit arises from these misleading statements. Saratoga chairman and chief executive officer Bruce Ventimiglia said they are asking the judge to certify the action as a “class action on behalf of all shareholders who purchased the stock.”

Read the rest of the story on Rappler.

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