The Traderszone Network

Published in TZ Latest News 29 September, 2015 by The TZ Newswire Staff

JPMorgan ordered to face London Whale class action in U.S

JPMorgan Chase & Co (JPM.N) shareholders on Tuesday won court permission to pursue their securities fraud lawsuit against the bank over the “London Whale” trading scandal, which caused a $6.2 billion loss, as a class action. U.S. District Judge George Daniels in Manhattan rejected the largest U.S. bank’s arguments against class action certification, which often results in higher recoveries because plaintiffs can sue as a group rather than individually.

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