Suit Over JPMorgan Anti-Money Laundering Compliance Tossed
JPMorgan Chase has beaten back a Delaware Court of Chancery lawsuit alleging its board of directors failed to oversee the banking giant's compliance with federal anti-money laundering laws and thus cost shareholders $2 billion in governmental fines.
August 05, 2015 at 05:38 AM
5 minute read
JPMorgan Chase has beaten back a Delaware Court of Chancery lawsuit alleging its board of directors failed to oversee the banking giant's compliance with federal anti-money laundering laws and thus cost shareholders $2 billion in governmental fines.
Vice Chancellor Donald F. Parsons Jr. ruled two similar lawsuits brought in the U.S. District Court for the Southern District of New York bar the allegations brought by the lawyers for the Rhode Island capital of Providence as a shareholder in JPMorgan.
The cases involve the same parties and the same subject matter, and thus the Delaware lawsuit is barred, he said.
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