JP Morgan sued by shareholder after facing $2bn trading loss
Washington, May 17 (ANI): US fund manager Saratoga Capital Management has sued JP Morgan Chase after the bank lost over 2 billion dollars in derivatives trading.
The class-action lawsuit accused Jamie Dimon, the bank's chairman and chief executive, and Douglas Braunstein, the bank's finance director, of fraudulently hiding massive derivatives bets that resulted in the huge loss.
Saratoga said in its court filing, that the 'action arises out of the materially false and misleading statements and omissions' that Dimon and Braunstein made in an April 13 earnings conference call with investors, News.com.au reports.
"We are actually suing on behalf of one of our mutual fund portfolios," the report quoted Saratoga chairman and chief executive Bruce Ventimiglia, as saying.
"We're asking the judge to certify the action as a class action on behalf of all shareholders who purchased the stock," he added.
Saratoga filed the lawsuit in the US district court in New York.
Meanwhile, JP Morgan shares fell nearly 11 percent between the announcement of the loss late on Thursday and the end of trade on Tuesday. (ANI)
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