Judge Rules $JPM Shareholders ‘Can Sue’ Over London Whale

“A US judge has ruled shareholders can can sue JPMorgan Chase for securities fraud over the activities of the “London whale” trader.

The US bank lost $6.2 billion  (£3.7 billion) as a result of the scandal linked to trades made by Bruno Iksil from the London-based chief investment office.

District Judge George Daniels in Manhattan said shareholders could pursue claims that chief executive Jamie Dimon and former chief financial officer Douglas Braunstein hid increased risks the office had been taking early in 2012, according to Reuters.

But he dismissed an action brought against bank’s directors and another brought by employees over losses made by investing in the bank’s stock in their pensions….”

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