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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of June 13, 2016 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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Lawsuit Overview
Settlement Overview
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January 19, 2016 - The court preliminarily approved the settlement.
December 18, 2015 - A stipulation of settlement was filed by the parties.
March 31, 2014 - The court granted in part and denied in part defendants' motion to dismiss.
June 11, 2013 - A motion to dismiss the second amended consolidated complaint was filed.
April 12, 2013 - A second amended consolidated complaint was filed.
November 20, 2012 - An amended consolidated complaint was filed.
May 14, 2012 - An investor in shares 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 by its Chief Investment Office between April 13, 2012 and May 11, 2012.
According to the complaint the plaintiff alleges on behalf of purchasers of JPMorgan Chase & Co (NYSE: JPM) common stock during the period between April 13, 2012 and May 11, 2012, that JPMorgan Chase & Co and certain of its officers and directors violated the Securities Exchange Act of 1934. Defendants issued materially false and misleading statements regarding certain securities trading by JPMorgan Chase & Co’s Chief Investment Office (“CIO”).
Specifically, the plaintiff claims that defendants allegedly misrepresented and/or failed to disclose that the CIO had engaged in extremely risky and speculative trades that exposed JPMorgan Chase & Co to significant losses. On May 10, 2012 JPMorgan Chase & Co said in a filing with the U.S. Securities and Exchange Commission (”SEC”) that JPMorgan’s Chief Investment Office has had significant market-to-market-losses in its synthetic credit portfolio, and this portfolio has proven to be riskier, more volatile and less effective as an economic hedge than the firm previously believed.” JPMorgan Chase & Co estimated that its Corporate unit could post an $800 million loss in the second quarter. During a conference call held after the market closed, on May 10, 2012, JPMorgan Chase & Co CEO revealed that JPMorgan Chase & Co lost about $2 billion on synthetic credit securities after “egregious mistakes” in its Chief Investment Office.
On Friday The New York Times reported that the U.S. and British banking regulator learned of the trading loss last month and have been in discussions with JPMorgan Chase & Co about it. The Wall Street Journal said in an article on Friday that “the losses stemmed from wagers gone wrong in the bank's Chief Investment Office” that left JPMorgan Chase & Co’s CEO with a rare black eye following a long run as what some called the King of Wall Street. Also on Friday, Standard & Poor's Ratings Services revised its outlook on JPMorgan Chase & Co to negative from stable and Fitch Ratings downgraded JPMorgan Chase & Co's Long-term Issuer Default Rating, its Short-term Issuer Default Rating, and its viability rating placed it on Rating Watch Negative.
Shares of JPMorgan Chase & Co (NYSE: JPM) fell from $40.74 per share on Thursday, May 10, 2012 to 35.79 on May 14, 2012, wiping out more than 18 billion in market cap.