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Tags: jpmorgan | lawsuit

Russian Billionaire: JPMorgan Cost Me Millions

By    |   Friday, 26 June 2009 09:50 AM

If you want to sue a financial firm over investment losses, you may have to take a number and get in line.

The second of what may soon be a barrage of big money lawsuits recently was filed against JPMorgan Chase, claiming mismanagement of an investment account.

Plaintiff Leonard Blavatnik, the billionaire Russian-American investor, ranked No. 40 among the richest Americans by Forbes magazine, alleged in his suit that JPMorgan' s financial advice cost his Access Industries to lose $98 million by betting on shaky subprime mortgage securities, The New York Times reported.

Named in a draft of the complaint is Ted. C. Ufferfilge, a JPMorgan adviser, who allegedly reported to Access that its money was being invested in "conservative instruments," rather than the high-risk mortgages which contributed to the national economic collapse.

While Chase was buying subprime securities for Access, " ... the bank itself was unwinding its positions in similar investments," an Access spokesman said.

In a counterclaim, JPMorgan, claimed Access was a "sophisticated investor and well aware of the nature of the investments."

Access, created by Blavatnik in 2006 as an "enhanced cash management" fund, was expected to earn a modest return and maintain sufficient liquidity for business ventures.

In return for JPMorgan's active management of the fund, Access paid the firm more than $1 million in fees.

In May, British firm Ambac Financial filed a similar suit against JPMorgan Investment Management, claiming its assets were invested in "inappropriate securities."

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FinanceNews
If you want to sue a financial firm over investment losses, you may have to take a number and get in line.The second of what may soon be a barrage of big money lawsuits recently was filed against JPMorgan Chase, claiming mismanagement of an investment account.Plaintiff...
jpmorgan,lawsuit
243
2009-50-26
Friday, 26 June 2009 09:50 AM
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