Tag Archives: JP Morgan

‘London Whale’ Points Finger at Dimon in Trading Scandal

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.

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JPMorgan just landed a $1 trillion win in a growing business

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.

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Venezuela President Maduro threatens legal action against JPMorgan

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.

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Strange Deaths of JPMorgan Workers Continue

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.

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JPMorgan Seeks Limited Remedy In Bank of New York Mellon’s $600M RMBS Suit

JPMorgan Seeks Limited Remedy In Bank of New York Mellon’s $600M RMBS Suit

Law360, New York (May 06, 2014, 10:22 PM ET) — JPMorgan Chase Bank NA on Tuesday pushed back against Bank of New York Mellon’s suit seeking $600 million over a $1.275 billion residential mortgage-backed securitization deal gone bad, telling a New York judge that BNYM can only seek to have certain defective underlying loans repurchased and cannot seek additional damages.

During oral arguments, New York City-based JPMorgan — which is targeted in the suit alongside General Electric Capital Corp. subsidiary WMC Mortgage LLC — told New York Supreme Court Judge Shirley Werner Kornreich that pursuant to the…

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Goldman Sachs , JPMorgan seek dismissal of aluminium price-fixing lawsuits

Goldman Sachs , JPMorgan seek dismissal of aluminium price-fixing lawsuits

Goldman Sachs Group Inc (>> Goldman Sachs Group Inc), JPMorgan Chase & Co (>> JPMorgan Chase & Co.), the London Metal Exchange and warehouse operators want a judge to throw out lawsuits saying that from May 2009 they conspired to reduce the supply and increase the price of aluminium.

Goldman Sachs Group Inc (>> Goldman Sachs Group Inc), JPMorgan Chase & Co (>> JPMorgan Chase & Co.), the London Metal Exchange and warehouse operators want a judge to throw out lawsuits saying that from May 2009 they conspired to reduce the supply and increase the price of aluminium.

They argued in New York federal court motions late on Tuesday that commercial buyers of aluminium and consumers who purchased aluminium-based products lacked standing to sue under antitrust law because they did not store metal in the defendants’ warehouses or trade on the LME.

The lawsuits said that the defendants conspired to delay the delivery of aluminium from certain warehouses, allowing the LME and the financial firms to profit.

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JPMorgan, Citigroup Lose Bid to Throw Out Securities Lawsuit

JPMorgan, Citigroup Lose Bid to Throw Out Securities Lawsuit

JPMorgan Chase & Co. and Citigroup Inc. were among the banks that lost a bid to throw out a Federal Deposit Insurance Corp. lawsuit over $388 million in securities sold to a failed lender.

U.S. District Judge Louis Stanton in Manhattan today denied a motion to dismiss the suit, which also targets UBS AG, Deutsche Bank AG and Wells Fargo & Co. Stanton rejected defense arguments that FDIC filed the suit too late and that the agency failed to make a sufficient claim that could allow it to recover.

In the suit, filed last year, FDIC alleged that the banks misrepresented the quality of the loans underlying 11 residential mortgage-backed securities that Colonial Bank purchased in 2007.