JPMorgan Chase Class Action Lawsuit
- Company Name
- JPMorgan Chase
- Stock Symbol
- Class Period
- February 23, 2016 to September 23, 2020
- Eastern District of New York
The JPMorgan Chase class action lawsuit charges JPMorgan Chase and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers or acquirers of JPMorgan Chase securities between February 23, 2016 and September 23, 2020, inclusive (the “Class Period”). The JPMorgan Chase class action lawsuit was commenced on October 24, 2020 in the Eastern District of New York and is captioned Mehta v. JPMorgan Chase & Co., No. 20-cv-05124.
JPMorgan purports to operate as a financial services company worldwide. The Company operates in four segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset & Wealth Management.
The JPMorgan Chase class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) traders at JPMorgan Chase, with the knowledge and consent of their superiors, manipulated the precious metals market by “spoofing,” or placing fake orders to generate the appearance of market demand; (2) JPMorgan Chase had insufficient controls and compliance protocols to enable it to identify and stop the misconduct; (3) JPMorgan Chase’s earnings in the physical commodity market were, at least in part, ill-gotten; (4) such conduct would result in enhanced regulatory scrutiny; (5) JPMorgan Chase provided misleading information to Commodity Futures Trading Commission investigators at early stages of the investigation into the misconduct; (6) resolution of the governmental investigation into JPMorgan Chase would result in a record-breaking $920 million fine; and (7) as a result, defendants’ statements about JPMorgan Chase’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
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