Categorized | Product Safety

New York court hits JPMorgan with $42.5 million breach of contract judgment

Bloomberg News (8/27, Dolmetsch, 1.41M) reports that the New York Supreme Court has ruled for billionaire Leonard Blavatnik in a $42.5 million breach of contract suit against JPMorgan Chase & Co. “over claims the bank stuffed a fund with risky mortgage securities and lost 10 percent of his $1 billion investment.” Blavatnik “lost a negligence claim against the bank.” Blavatnik, 56, “sued JPMorgan in 2009 in New York State Supreme Court in Manhattan, accusing the biggest U.S. bank by assets of putting more money into mortgage securities in his CMMF fund than investment guidelines allowed.” Justice Melvin Schweitzer, “who presided over a two-week trial this year, ruled that J.P. Morgan Investment Management breached its contract with Blavatnik’s CMMF fund by exceeding a 20 percent cap on mortgage securities.”

Reuters (8/26) also reports this story.

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