Monday, April 11, 2011

AFTRA Retirement Board Sues JP Morgan Chase

The retirement plan is said to have lost $2-3 million because of an alleged breach of fiduciary duty by the bank. That's not a lot of money is percentage terms - the Plan apparently has about $2 billion in assets - but the suit alleges a disturbing situation in which one portion of the bank -- and even its highest executives -- were expressing concerns over the transaction at issue, even as another part of the bank kept the client's money in an investment vehicle called Sigma until it was too late. And when the entity collapsed, alleges the suit, the bank actually profited, even though its clients lost money.

Details: The Hollywood Reporter.


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