Daily News: April 1, 2014

JPMorgan to Face Lawsuit Over ‘London Whale’ Scandal

Reuters reported that JPMorgan Chase must face a lawsuit from shareholders accusing it of securities fraud by misleading them about its ability to manage risk, which surfaced when it lost $6.2 billion in the “London Whale” scandal.

Reuters notes that a U.S. District Judge in Manhattan said shareholders could pursue claims that JPMorgan CEO Jamie Dimon and former CFO Douglas Braunsten knowingly hid the increased risks that the bank’s Chief Investment Office had been taking in early 2012.

To read the entire Reuters article, click here.