jpmorgan-watch

Contribute Information

News

<< < 1  2  3  4  5 > >>

NY Times Op Ed - regrets of a JPM mortgage banker
Related category...

Bloomberg: Fed gave billions in secret loans to banks:

"JPMorgan Chase & Co. CEO Jamie Dimon told shareholders in a March 26, 2010, letter that his bank used the Fed’s Term Auction Facility “at the request of the Federal Reserve to help motivate others to use the system.” He didn’t say that the New York-based bank’s total TAF borrowings were almost twice its cash holdings or that its peak borrowing of $48 billion on Feb. 26, 2009, came more than a year after the program’s creation."

...

"JPMorgan absorbed the country’s largest savings and loan, Seattle-based Washington Mutual Inc., and investment bank Bear Stearns Cos. The New York Fed, then headed by Timothy F. Geithner, who’s now Treasury secretary, helped JPMorgan complete the Bear Stearns deal by providing $29 billion of financing, which was disclosed at the time. The Fed also supplied Bear Stearns with $30 billion of secret loans to keep the company from failing before the acquisition closed, central bank data show. The loans were made through a program set up to provide emergency funding to brokerage firms."

After collapse of MF Global, US regulators to audit all futures firms, evidently including futures trading businesses at banks such as JPMorgan and Goldman Sachs.

Plaintiffs' law firm investigating potential claims against JPMorgan on behalf of Madoff's investment clients.

Federal court judge in the Southern District of New York recently ruled that BMIS' trustee in bankruptcy Irving Picard did not have standing to assert common law claims for, e.g., breach of fiduciary duty, aiding and abetting fraud, and conversion on behalf of BMIS's clients and could only assert claims for damage to BMIS itself. Plaintiffs' firm Bernstein-Liebhard, which currently represents certain of Madoff's fraud victims in other actions, has announced it is investigating those claims, and seeks information from investors in connection with those potential claims.
Related case...

WSJ article on dismissal of Picard's common-law claims against JPM on behalf of BMIS investors (subscription required for full article)
Related case...

New York district court dismisses billions of dollars in common-law claims (aiding and abetting fraud, contribution, etc.) brought by Bankruptcy trustee Irving Picard against JPMorgan on behalf of clients of Madoff's investment firm BMIC, finding that Picard does not have standing to bring claims for investors (as opposed to claims on behalf of BMIC).

The decision only held that Picard did not have standing to bring the claims - not any question of culpability or validity of the claims.

Picard is not precluded in pursuing claims against JPM under bankruptcy code, such as for fraudulent transfers, but such claims do not carry the large amount of damages alleged under the common law claims.

Picard is reported to be planning to appeal the decision.
Related case...

California Republican rep. Darryl Issa questions FHFA on retention of outside counsel in suit against banks over mortgage-backed securities
Related case...

FHFA press release regarding 17 suits against banks over mortgage-backed securities
Related case...

US Federal Housing Finance Authority expected to file suit against JPMorgan, Goldman Sachs, Deutsche Bank and others over alleged misrepresentation of quality of mortgage securities.
Related category...

JPMorgan fined for "egregious" financial transfers, loans and other facilities contravening sanctions on Iran, Cuba, Sudan, and Liberia.

Reuters article on JPM bribes & bid-rigging for bond deals in Alabama
Related category...

JPM alleged complicit in fraudulent diversion of funds by manager of nonprofit
Related case...

Missouri AG announces $92 million settlement with JP Morgan Chase & Co. as part of ongoing nationwide investigation of alleged anticompetitive and fraudulent conduct in the municipal bond derivatives industry.
Related category...

The Manhattan Chamber of Commerce’s chairman illegally transferred more than $2.5 million to his own accounts while running the Albert Ellis Institute, the nonprofit said in a lawsuit claiming JPMorgan Chase & Co. let it happen.
Related case...

Federal Judge rules that trustee for Madoff's investment victims cannot sue third party banks to redress their claims against Madoff.
Related category...

JPMorgan settles muni bid-rigging case for $211 million
Related category...

Illinois to share $92M from JP Morgan muni-bond settlement
Related category...

SEC press release on JPM settlement in municipal investment bid-rigging investigation
Related category...

JPMorgan Chase & Co. has agreed to pay $228 million to settle federal charges that the bank conspired to rig the bidding on investment contracts sold to state and local governments to boost its profits at taxpayer expense.
Related category...

<< < 1  2  3  4  5 > >>