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JPMorgan settles ERISA class action for $150 million

JPMorgan Chase Bank settled a claim by several retirement funds that it breached its fiduciary duty under the Employee Retirement Income Security Act of 1974 for $150 million.

By Paula Aven Gladych | Updated on March 21, 2012

JPMorgan Chase Bank settled a claim by several retirement funds that it breached its fiduciary duty under the Employee Retirement Income Security Act of 1974 for $150 million, according to the Practical Law Company.

Seven months after the U.S. District Court for the Southern District of New York held that JPMorgan did not breach a fiduciary duty of loyalty to the plaintiffs under ERISA, the parties in Board of Trustees of the AFTRA Retirement Fund v. JPMorgan Chase Bank, N.A. filed a motion for preliminary approval of a settlement of the ERISA class action.

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