Thousands of workers who invested their retirement savings in JPMorgan’s stable value funds got approval to sue the company as a certified class (In re JPMorgan Stable Value Fund ERISA Litig., S.D.N.Y., No. 1:12-cv-02548-VSB, order unsealed 4/17/17 ). The lawsuit accuses JPMorgan Chase & Co. of mismanaging its stable value funds—which are meant to be conservative, low-risk options that protect …
JPMorgan Chase & Co. has been sued by a participant in its 401(k) plan for allegedly causing employees to pay millions of dollars in excessive fees through a scheme motivated by “self-interest.” The plaintiff claims JPMorgan, as well as various board and committee members with oversight of the $21 billion retirement plan , breached their fiduciary duties by, among other things, retaining …
JPMorgan Chase paid female employees less than their male counterparts, according to a Labor Department lawsuit filed Wednesday that seeks to halt new federal contracts with the massive bank until it compensates the women. Since at least May 2012, JPMorgan paid at least 93 women employed as lead application developers, project managers and technology directors in …
JPMorgan Chase agreed to a settlement with the U.S. government over allegations that it discriminated against “thousands” of black, Hispanic mortgage borrowers from 2006 through 2009. The bank’s independent brokers charged minority borrowers higher mortgage interest rates and fees during that period, compared to “similarly situated white borrowers,” according to a government lawsuit filed Wednesday in a New York federal court. JPMorgan is expected to settle the lawsuit for $55 million without admitting any liability. “We’ve agreed to …
The largest bank in the United States settled a class-action lawsuit this week that stemmed from outcry over excessive fees the institution charged former prison inmates over the last four years. JPMorgan Chase won a government contract in 2008 to furnish inmates freed from all U.S. federal prisons with debit cards connected to money they were sent or earned while …
NEW YORK An Arab-American family whose business and personal bank accounts were closed in 2014 without explanation can sue JPMorgan Chase for racial discrimination, a federal judge in Detroit has ruled. Filed in February, the lawsuit by Najah Manni, his wife Kathy and their two children says the largest U.S. bank further discriminated against them by terminating a contract with their debt …