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Sunday, June 17, 2012

MPERS sues JPMorgan Chase


The beleaguered Louisiana Municpal Police Employees Retirement System is seeking class-action status in a suit it has filed against JPMorgan Chase and Company.  MPERS wants the status so they can join with other groups who bought JPMorgan Chase common stock, alleging that the company ‘made false and misleading statements and concealed information relating to the company’s trading practices, hedging of risk, risk management, and exposure to risk of loss’.
JPMorgan lost $2 billion as a result of what was described as ‘egregious mistakes’.
The suit was filed in U. S. District court for the Southern District of New York.

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5 comments:

  1. AnonymousJune 17, 2012 at 5:16 PM

    The should have did like Shreveport PD and invest in Golf Cources

    ReplyDelete
  2. JimJune 17, 2012 at 5:28 PM

    They did.

    ReplyDelete
  3. AnonymousJune 19, 2012 at 3:14 PM

    Jim,
    I'm surprised you haven't done an article about Jane smith taking over the treasury department. I find it suspicious how Cynthia Bridges was a part of 3 administration then all of a sudden resigns so quickly. Do you think G.I Jane played a part in it?

    ReplyDelete
  4. JimJune 19, 2012 at 4:12 PM

    I'll probably mention it. Louisiana Voice has an article (they are in the Links on the right sidebar).

    ReplyDelete
  5. AnonymousJune 23, 2012 at 7:33 PM

    Is the purpose of this suit to divert attention from past transgressions of the "trusted" officers (namely a retired BCPD chief and a "cigar chomping, Corvette driving retired BCPD captain" who was using MPERS funds as a personal piggy bank?

    ReplyDelete

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