JPMorgan Chase & Co. urged a judge to throw out a stunning $8 billion jury verdict over a mismanaged inheritance, saying the family deserves nothing.
“The law and evidence do not support any claim against JPMorgan, much less the unprecedented multi-billion-dollar punitive damage award, which the heirs have already admitted is unconstitutionally excessive,” the bank said in a filing in Dallas probate court.
Two children of Max Hopper, a former American Airlines executive who died in 2010, have already asked that the damages for them and their father’s estate be reduced to about $74 million, while his widow has yet to weigh in with any adjustment to the ninth-largest verdict in U.S. history.
That’s billion with a B….
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.
Four years ago, JPMorgan Chase reached a then-record settlement with the Department of Justice after, among other things, the bank received a copy of a U.S. attorney’s draft complaint documenting its alleged role in underwriting fraudulent securities in the years leading up to the 2008 financial crisis. Following the bank’s $13 billion financial agreement, the draft complaint was never filed. Then the bank paid another settlement to prevent a separate legal case from potentially unearthing it. The contents of the draft complaint have long been a financial-crisis mystery, a Great White Whale of a document. At least until now.
The criminal case against two former JPMorgan Chase & Co (JPM) traders who were accused of concealing billions in losses was closed in U.S. court after a key witness known as the “London Whale” pointed fingers at the bank’s top executives, the Wall Street Journal reported.
The London Whale, whose real name is Bruno Iksil, said the bank’s CEO Jamie Dimon and his executives were responsible “much, much more than [Iksil’s] two colleagues could ever be.” The two, Javier Martin-Artajo and Julien Grout, faced charges for their roles in a 2012 trading debacle that cost JPMorgan over $6 billion.
State Street’s pain has turned out to be JPMorgan’s gain.
BlackRock, the world’s largest asset manager, announced that it would move over $1 trillion of its assets from the custody of State Street to its rival JPMorgan to cut costs for clients. JPMorgan said it expected to take charge of BlackRock’s assets over the next two years.
“We think the transfer was triggered by a better overall value proposition from JPMorgan for both Blackrock’s clients and Blackrock corporate, which includes both pricing and client service,” Credit Suisse said in a note responding to the news.
CARACAS – Venezuelan President Nicolas Maduro on Tuesday ordered state oil company PDVSA to look into legal action against JPMorgan Chase & Co after the U.S. investment bank reported delays in $404 million in bond interest payments.
PDVSA said on Monday it was using a 30-day grace period for coupon payments on its 2035 bond but that reports of other payment delays were wrong. It suggested paying agent Citibank was creating a backlog that had spooked markets.
“JPMorgan’s attitude is of a criminal nature,” Maduro said during a salsa music program he broadcasts from the presidential palace. He said local and foreign opponents were conspiring to give a false impression that Venezuela is on the verge of a debt default.
Last Thursday, September 22, 2016, the body of Ann Korkki, a Senior Administrative Assistant in the Wealth Management division of JPMorgan Chase in Denver, Colorado was found with the body of her sister, Robin Korkki, inside their luxury vacation villa at the Maia Resort on Seychelles, an island in the Indian Ocean off the East African coast. Ann Korkki was 37; her sister Robin was 42.
According to the local Seychelles newspaper, there was no sign of violence on the bodies of the women who were on a one week vacation at the resort. The mother and brother of the sisters are currently in Seychelles “pressing U.S. and local officials for details” and making arrangements to bring the sisters back to the U.S. according to a news report in the Minneapolis Star Tribune, which covered the story because the sisters had attended high school in the area.
This latest unusual death of a JPMorgan Chase employee adds to a stunning roster of bizarre deaths since 2014 – a period which has also seen three felony counts leveled against the firm by the U.S. Justice Department and billions of dollars in fines for wide-ranging charges of wrongdoing.