JPMorgan Ordered to Pay More Than $4 Billion to Widow and Family

That’s billion with a B….

  • Outsize punitive damages awards are often reduced by courts
  • Bank found by jury to have mismanaged estate of Max Hopper

JPMorgan Chase & Co. was ordered by a Dallas jury to pay more than $4 billion in damages for mishandling the estate of a former American Airlines executive, but the verdict will probably be knocked down on appeal.

Jo Hopper and two stepchildren won the probate court verdict over claims that JPMorgan mismanaged the administration of the estate of Max Hopper, who was described as an airline technology innovator in a statement issued by the family’s law firm.

Large punitive damages verdicts like the one in the Hopper case are often scaled back because the U.S. Supreme Court has ruled they can’t be disproportionate to actual damages. In this case, the jury awarded less than $5 million in actual damages.

Read on.

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3 responses to “JPMorgan Ordered to Pay More Than $4 Billion to Widow and Family

  1. Pingback: JPMorgan Ordered to Pay More Than $4 Billion to Widow and Family - Securitization & Mortgage Audit

  2. Reblogged this on California freelance paralegal and commented:
    I am curious as to whether JPMorgan Chase invested any of the funds in this probate estate in Mortgage Backed Securities.

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