On December 18, 2015, after several years of vigorous litigation and lengthy negotiations, the parties in In re JPMorgan Chase & Co. Securities Litigation, U.S. District Court for the Southern District of New York, case no. 12-cv-3852, reached an agreement to resolve all claims in this securities class action in exchange for a payment of $150 million in cash.
The settlement is now pending approval by the Court.
The action arises from misrepresentations and omissions concerning the trading activities of the Company’s Chief Investment Office (“CIO”) and the losses suffered by investors following the Company’s surprise announcement on May 10, 2012 that the CIO had suffered over $2 billion in losses on trades tied to complex credit derivative products. When published reports began raising concerns over the activities of a JPMorgan CIO trader nicknamed the “London Whale” because of the outsized positions he took on behalf of the CIO, JPMorgan CEO James Dimon immediately dismissed those concerns, calling them a “complete tempest in a teapot.”
Hon. George B. Daniels previously appointed Stoll Berne client the State of Oregon, by and through the Oregon State Treasurer on behalf of the Common School Fund and, together with the Oregon Public Employee Retirement Board, on behalf of the Oregon Public Employee Retirement Fund, as Co-Lead Plaintiff (Oregon). Earlier this year, the Court granted Lead Plaintiffs’ motion to certify a class. Stoll Berne served as Special Assistant Attorneys General and Counsel for Oregon in this matter. Attorneys from Stoll Berne representing the Lead Plaintiff are Keith Dubanevich, Keith Ketterling and Keil Mueller.