While lamenting how much deference it had to give a lower court judge, a federal appeals court on Tuesday cleared away a derivative shareholder lawsuit against JPMorgan Chase & Co. CEO Jamie Dimon and other officials over trading losses from the “London Whale” debacle.
Siding with Dimon’s defense lawyers at Sullivan & Cromwell, the U.S. Court of Appeals for the Second Circuit upheld the dismissal of claims that Dimon and others on JPMorgan’s board flubbed an investigation into the trading scandal. The defense team also included Gibson, Dunn & Crutcher, which represented some company directors.
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