JPMorgan Chase Settles Lawsuit Over Misleading Trading Practices
JPMorgan Chase has agreed to pay 150 million dollars to public pension funds in Ohio and other states and individuals hurt by its 6 billion dollars "London Whale" trading loss. The settlement involves a 2012 class-action lawsuit that alleged JPMorgan Chase issued false and misleading statements describing risky and speculative trading strategies as "hedges" or "risk management" devices. Subsequent London Whale losses caused the bank's stock value to plummet. The Ohio Public Employees Retirement System lost 2.5 million dollars. Potential claimants will be notified in the coming weeks.