Shareholders Sue JPMorgan

They say it misled them regarding risk
By Kevin Spak,  Newser Staff
Posted May 16, 2012 10:11 AM CDT
Shareholders Sue JPMorgan
A man arrives at a JPMorgan Chase office building in New York Monday, May 14, 2012.   (AP Photo/Mark Lennihan)

Two shareholders filed separate lawsuits against JPMorgan and its top executives in the wake of its $2 billion trading loss, accusing them of misleading investors about the company's risk exposure. One aspires to be a class action suit, representing anyone who owned JPMorgan stock from April 13 to May 10, the Wall Street Journal reports, explaining that April 13 was the date of the company's first-quarter results conference call. The other suit is a so-called "derivative" suit, which means that any damages recovered would be returned back to JPMorgan instead of shareholders. (More JPMorgan Chase stories.)

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