JPMorgan Chase To Pay $18 Million For Caused Financial Harm to the Trust Beneficiaries

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JPMorgan Chase To Pay $18 Million For Caused Financial Harm to the Trust Beneficiaries

JPMorgan Chase To Pay $18 Million For Caused Financial Harm to the Trust Beneficiaries

Is there ever one day, one week, that these banks aren’t making news for some “misconduct”?


HuffPO-

JPMorgan Chase & Co must pay more than $18 million to a trust in a suit stemming from its improper recommendation of a type of complex security that was unsuitable for the trust and benefited the bank, a U.S. state court judge has ruled.

The bank engaged in misconduct and breached its duties of care to the trust in recommending so-called “variable prepaid forward contracts,” wrote Judge Linda Morrissey of the District Court for Tulsa County, Oklahoma, in an opinion late Tuesday. That caused financial harm to the trust beneficiaries.

JP Morgan and the trust entered into numerous variable prepaid forward contracts between 2000 and 2005. A court, in 2007, ordered the transfer of the trust’s assets to another bank. The investment contracts between the trust and JP Morgan, by that time, had been settled.

The court, in an unusual move, also ordered JPMorgan to pay punitive damages, to be determined at a later date, along with the trust’s legal fees.

[HUFFINGTON POST]

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One Response to “JPMorgan Chase To Pay $18 Million For Caused Financial Harm to the Trust Beneficiaries”

  1. GlAD TO SEE THIS. I will much happier when the judges accept the bankster financially harmed the homeowners by being the direct cause of the economic collaspe directley causing the lost incomes of millioons of home owners directly causing the defaults and need for modifications promised but deceived instead.

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