March 31, 2012 - The court granted the defendants' motion to dismiss.

January 7, 2011 - A motion to dismiss was re-filed. 

March 3, 2010 - A motion to dismiss the amended complaint was filed.

January 11, 2010 - An amended complaint was filed.

November 16, 2009 - The lead plaintiff and lead counsel were appointed.

September 11, 2009 - A lead plaintiff motion was filed.

July 10, 2009 - An investor in auction rate securities of JPMorgan Chase & Co (NYSE: JPM) filed a lawsuit in the U.S. District Court for the Southern District of New York against JPMorgan Chase & Co over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 10, 2004 and February 13, 2008.

The plaintiff alleges that JPMorgan Chase & Co engaged in a scheme, practice or course of conduct to manipulate the market for auction rate securities of JPMorgan Chase & Co to create the appearance that the securities traded at arm's-length auctions, when in fact the available supply well exceeded the demand for those securities. As part of the scheme to manipulate the market for auction rate securities of JPMorgan Chase & Co, JPMorgan Chase & Co maintained a policy of placing or causing the placement of support bids in every auction for which it served as the sole auction dealer, lead auction dealer, co-lead auction dealer, or joint auction dealer, to the extent necessary to create the appearance of stability and liquidity in the auction market, prevent auction failures, and set the rates of interest or dividends paid on those securities.

The complaint further alleges that the goal of the scheme was to allow defendants to underwrite billions of dollars of auction rate securities of JPMorgan Chase & Co and to sell those securities, including JPMorgan Chase & Co's own inventory, at par value when they were worth significantly less. The scheme allowed defendants to reap hundreds of millions of dollars in underwriting and auction dealer fees at the expense of investors who purchased auction rate securities of JPMorgan Chase & Co at inflated prices.

JPMorgan Chase & Co' scheme came to light on February 13, 2008, when the auction rate securities market collapsed after JPMorgan Chase & Co and the other major auction dealers abruptly ended their policy of propping up the market.

Since that date, the purported auctions previously managed by JPMorgan Chase & Co have ceased operating, and JPMorgan Chase & Co have admitted there is no prospect of the purported auctions resuming operations, as there is no demand for auction rate securities of JPMorgan Chase & Co. Defendants' withdrawal of support for the auction market left Plaintiff and Class members holding billions of dollars in illiquid auction rate securities of JPMorgan Chase & Co.