JPMorgan’s $8 Billion Jury Loss to Widow Faces Massive Reduction

  • Plaintiffs concede jury awarded too much money in estate fight
  • Widow, children of executive claimed mismanagement of estate

JPMorgan Chase & Co. will probably face a judgment of no more than $90 million in a lawsuit claiming mismanagement of an estate that initially brought a jury verdict of $8 billion in punitive damages.

A Dallas jury in September awarded excessive punitives and duplicate actual damages, the widow and children of Max Hopper, a former American Airlinesexecutive, said in court filings.

Lawyers for Stephen Hopper and Laura Wassmer asked a Dallas probate court to limit punitive damages to them and their father’s estate to about $70 million, down from a total of $6 billion awarded by the jury. Hopper and Wassmer also asked for $3.9 million for losses and attorneys’ fees.

Read on.

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