Bloomberg reports US District Judge George Daniels ruled Wednesday that lawsuits against JP Morgan Chase for losses related to JPM’s ‘London Whale’ ICD 9 hedge gone wrong will be consolidated into a class-action suit.
But Jamie informed us just last week that ‘the London Whale issue is dead. The Whale has been harpooned. Dessicated. Cremated.‘ !!!
Public pension funds from Arkansas, Ohio, Oregon and Sweden will be lead plaintiffs in a group lawsuit against JPMorgan Chase & Co. (JPM) over trades made by Bruno Iksil, known as the “London Whale.”
U.S. District Judge George Daniels in Manhattan ruled today that lawsuits against the New York-based bank should be consolidated into a class action. The pension funds allege they lost as much as $52 million because of fraudulent activities by JPMorgan’s London chief investment office.
The lead plaintiffs named by Daniels are the Arkansas Teacher Retirement System, Ohio Public Employee Retirement System, School Employees Retirement System of Ohio, State Teachers Retirement System of Ohio, Oregon Public Employee Retirement Fund and the Swedish pension fund Sjunde AP-Fonden.