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WAMC News
7:41 am
Thu May 17, 2012

Shareholders Sue JPMorgan over $2B Trading Loss

Shareholders of JPMorgan Chase & Co. have filed two lawsuits against the nation's biggest bank, accusing it and its leaders of taking excessive risk and causing a monumental $2 billion trading loss. WAMC’s Dave Lucas reports…

The company disclosed the loss last week, saying it resulted from a failed hedging strategy.

The lawsuits filed on Wednesday in New York claim JPMorgan changed its risk model without telling investors. They say the shift led to the losses and claim company leaders misled investors.

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