JPMorgan Chase & Co. Pays Out $150 Million Securities Class Action Settlement in Notorious “London Whale” Case

In a payout of historic proportions, JPMorgan Chase & Co. has agreed to pay $150 million in a class action settlement over investor claims that it concealed as much as $6.2 billion in losses caused by a trader who became known as the London Whale.

According to a group of pension funds, JPMorgan converted its chief investment office in London into a “secret hedge fund” that triggered the losses. Although the bank assured investors that the office’s primary role was managing risk, it was making trades to generate profit, plaintiffs asserted.

Read the Bloomberg story here.