Daily News: March 28, 2013

JPMorgan to Face Lawsuit Over Lehman Investments


JD Journal reported that U.S. District Judge Katherine Forrest in Manhattan refused JPMorgan’s motion to dismiss a lawsuit brought in 2009 by the Operating Engineers Pension Trust of Pasadena, CA. The pension trust accused JPMorgan of mismanaging the trust’s money by investing in Lehman Brothers notes, before Lehman filed for bankruptcy.

The article said that while denying JPMorgan’s motion to dismiss the suit, the federal judge observed, “The documents in the (lawsuit) cannot — at this stage of the case — dispatch plaintiff’s claims to the waste bin.”

To read the entire JD Journal story, click here.