Tag Archives: JP Morgan Chase

Citigroup, JPMorgan Face Euribor Antitrust Class Action

Law360, New York (February 21, 2017, 10:34 PM EST) — A New York federal judge on Tuesday trimmed a putative class action brought by investors who say they lost money in derivatives transactions because big banks conspired to manipulate Euribor, the euro interbank offered rate. But two plaintiffs, including a California retirement fund, still have claims against JPMorgan and Citigroup.
U.S. District Judge Kevin Castel cut four plaintiffs from the suit, saying they lacked standing, as well as six foreign defendants who didn’t fall under his jurisdiction because their allegedly illegal activities weren’t tied to the U.S. He also dismissed all Racketeer Influenced and Corrupt Organizations Act and Commodity Exchange Act claims from the suit and cut three out of four Sherman Act claims in the case.

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JPMorgan moving mortgages online to please paper-weary customers

JPMorgan Chase & Co (JPM.N) is gradually introducing a digital mortgage platform where customers can apply online and track applications by mobile phone.

The tools will allow customers to submit and sign documents online and exchange messages with bank staff and real-estate agents so loans can close more quickly and easily, consumer mortgage chief Mike Weinbach said in an interview.

“This platform will allow us to be where more of our customers are, which is online and on their phones,” Weinbach said. “It is more efficient for customers and for us.”

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Prominent advocacy group takes JPMorgan whistleblower’s case

One of the country’s foremost nonprofit legal advocacy groups for whistleblowers has taken up the cause of former JPMorgan Chase broker Johnny Burris who was fired after refusing to put his elderly clients into the bank’s own high-priced products.

The Government Accountability Project, which has represented Edward Snowden and other prominent tipsters, filed an appeal of a Department of Labor decision to uphold the bank’s termination of Burris in 2013. That same decision, issued last month, also found that the bank did retaliate against Burris, who’s now an RIA based in Surprise, Arizona.

JPMorgan drew the largest SEC fine of 2015, $307 million, for inappropriately pushing its own products, three years after Burris provided the commission with more than a thousand pages of documents and secret recordings supporting his allegations. Burris also accuses several of his managers of lying under oath or omitting material facts during a FINRA arbitration case.

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Service charge: JPMorgan Chase accused of loading jury duty pay debit cards with fees

Wow! Anything for a buck by the bankster!

For some people, jury duty is a dreaded American civic obligation. Now, JPMorgan Chase is adding another unwelcome element: banking fees.

In a handful of jurisdictions, the biggest U.S. bank by assets has taken over administration of the juror-compensation system, issuing debit cards instead of the age-old system of paper checks.

In addition to the juror pay, the cards also come loaded with fees — for balance inquiries, for inactivity, for using non-Chase ATMs, for charges with insufficient funds and for cash or check issuance. The funds become impossible to withdraw from an ATM once the balance falls below $20, and in at least one jurisdiction — Washington, D.C. — there are no Chase branches or ATMs within 90 miles (145 kilometers), ensuring the funds will eventually be frittered away to the bank.

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U.S. appeals court revives JPMorgan silver futures rigging lawsuits

A U.S. appeals court on Wednesday revived three private antitrust lawsuits accusing JPMorgan Chase & Co (JPM.N) of rigging a market for silver futures contracts traded on COMEX.

The 2nd U.S. Circuit Court of Appeals in New York said a lower court judge held hedge fund manager Daniel Shak and two other traders to an excessively high legal standard when deciding last June 29 to dismiss their complaints.

Shak, Mark Grumet and Thomas Wacker accused the largest U.S. bank of having in late 2010 and early 2011 placed artificial bids on the trading floor, harangued staff at metals market COMEX to obtain prices it wanted, and made misrepresentations to a committee that set settlement prices.

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JPMorgan Chase to pay nearly $800 million in final Lehman Brothers settlement

JPMorgan Chase disclosed Wednesday that it reached a final settlement agreement with Lehman Brothers, ending the failed investment bank’s lawsuit over claims that JPMorgan illegally siphoned billions of dollars from Lehman before its collapse.

JPMorgan Chase’s final settlement payout checks in at well above $2 billion.

According to a filing with the Securities and Exchange Commission, JPMorgan Chase will pay an additional $797.5 million to Lehman Brothers to settle all remaining “lawsuits, claims, objections and other disputes” brought by Lehman Brothers after its collapse.

The settlement ends Lehman Brothers claims against JPMorgan Chase.

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JPMorgan sued for self-dealing in its 401(k) plan

JPMorgan Chase & Co. has been sued by a participant in its 401(k) plan for allegedly causing employees to pay millions of dollars in excessive fees through a scheme motivated by “self-interest.”

The plaintiff claims JPMorgan, as well as various board and committee members with oversight of the $21 billion retirement plan, breached their fiduciary duties by, among other things, retaining proprietary mutual funds from the bank and affiliate companies for several years, despite the availability of nearly identical, lower-cost and better-performing funds.

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