JPMorgan Employees Sue Jamie Dimon, Ina Drew Over Losses

JPMorgan Employees Sue Jamie Dimon, Ina Drew Over Losses

Add it to the growing list of people going after JPMorgan Chase. Employees are suing the bank over the $2 billion trading loss that they say hurt their retirement plans.

A lawsuit filed on behalf of JPMorgan employees says their retirement accounts fell in value after news broke about the trading loss, Reuters reports. That’s because the plan holds JPMorgan shares which have dropped 18% since the loss was announced on May 10.

The complaint, filed in U.S. District Court, Southern District of New York, names the bank, its CEO and chairman Jamie Dimon as well as former CIO Ina Drew, who resigned soon after the loss was revealed, as defendants. According to the suit, the defendants violated the federal Employee Retirement Income Security Act which gives plan participants the right to sue for breaches of fiduciary duty.

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4 Responses to “JPMorgan Employees Sue Jamie Dimon, Ina Drew Over Losses”
  1. Beth A. says:

    If the projected losses stay under $8 billion, I would be amazed.

    Burn Chase….burn.

  2. see says:

    Got a thought here, maybe Chase will be brought down from within–its own employees. One can only dream.

  3. First, 2 billion loses are not even true, the loses are much bigger than that, they hiding the truth, watch how the loses will be growing gradually, they do it this way (gradually) to make it look not as bad and scary

  4. Pamela Edwards says:

    Someone does need to be held accountable for all this going on but these guys are not going to get back what they lost out of thier pension plans,just like homeowners are getting nothing back from the banks as well.You do occassionaly hear of a win but that is highly unlikely to happen for the vast majority of people going through this.I would be less concerned with my pension and more concerned with what will happen with my family and being homeless and financialy ruined for years to come.They still just don’t get it and won’t until it happens to them.What a tragedy this is all turning out to be.

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