March 31 (Bloomberg) — JPMorgan Chase & Co. won dismissal of a lawsuit filed on behalf of current and former employees over losses in their retirement accounts allegedly stemming from the $6.2 billion "London Whale" trading debacle.
U.S. District Judge George B. Daniels in Manhattan today dismissed the suit by participants in the retirement plan who lost money on company stock after the bank reported a $2 billion trading loss.
The employees said the bank made misstatements about its financial health from January to April 2012, allowing its stock to trade at inflated prices. They claim they lost money when JPMorgan disclosed its losses publicly.
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