2 Shareholder Suits Filed Alleging CEO Jamie Dimon Misrepresented Risk To Investors

[ProfessionalLeftist]

Source: Huffington Post/WSJ

Shareholders have filed 2 suits against JPMorgan Chase, over the $2 Billion trading loss the company suffered last week.

According to The Wall Street Journal, the suits allege that CEO Jamie Dimon misrepresented the risk involved in the trades to investors.

Read more: http://www.huffingtonpost.com/2012/05/16/jpmorgan-trading-loss-shareholder-suits_n_1520904.html?ncid=edlinkusaolp00000003

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Breaking. No more details yet.

[bluedigger]

1. Shareholders have risk?

I thought it was the taxpayers' responsibility to assume all risk.

[BeyondGeography]

2. Why do they hate freedom?

[AnotherMcIntosh]

3. The case should be dismissed as being without merit. Bailouts will be available.

It's just a matter of time.

[Dragonfli]

4. Why the suits? Misrepresenting risk to investors is Jamie's job, they wish to punish him for

doing his job and being smart?

One of the reasons his is one of the best banks there is is because he is smart and does his job well.

Bunch of haters if you ask me.

[ProfessionalLeftist]

5. Updated: 3 Shareholder Suits Filed Alleging CEO Jamie Dimon Misrepresented Risk To Investors

That didn't take long. Less than a week after JPMorgan Chase disclosed massive trading losses, investors who own bank stock have filed three different lawsuits alleging that bank officers failed to disclose information about the bad trade, which led to a sharp decline in the share price.

The shareholder suits, filed in U.S. District Court in Manhattan this week, claim that the bank misled investors ahead of its surprise announcement last Thursday that it lost $2 billion.

"The suits are going to pile up and pile up fast," said Dennis Kelleher, CEO of Better Markets, a nonprofit focused on financial reform. "It's no surprise that there are lawsuits, and there are going to be many more because in April, the CFO and CEO said that there was no risk. A 'tempest in a teapot' is what Jamie Dimon said."

Kelleher added, "And then a month later he said, 'Oops, the teapot blew up and it's going to cost you all a lot of money and we don't know what we're doing."

MORE...

http://www.huffingtonpost.com/2012/05/16/jpmorgan-trading-loss-shareholder-suits_n_1520904.html