Secured $150 million cash recovery in JPMorgan “London Whale” securities fraud litigation
Plaintiff(s):
G&E represented the co-lead plaintiff on behalf of a class of shareholders
Case type / claims:
Securities fraud and Rule 10b-5 claims arising from JPMorgan’s “London Whale” proprietary trading scandal that roiled the credit markets and caused JPM shareholders to suffer more than a billion dollars in damages
Defendant(s):
JPMorgan Chase & Co., senior executives including CEO Jamie Dimon and CFO Douglas Braunstein
Jurisdiction:
U.S. District Court for the Southern District of New York
Year:
2015
Outcome:
- Achieved an immediate $150 million cash settlement for the class following class-certification victory.
- Court held plaintiffs adequately alleged materially false and misleading statements by JPMorgan and top executives.
- Resolved high-profile litigation tied to a multibillion-dollar trading scandal that shook global financial markets.
