CASE CAPTION: In re Board of Trustees of the AFTRA Retirement Fund v. JPMorgan Chase Bank, N.A.
COURT: United States District Court for the Southern District of New York
CASE NUMBER: 1:09-cv-686
JUDGE: Honorable Shira A. Scheindlin
PLAINTIFF: Board of Trustees of the AFTRA Retirement Fund
DEFENDANT: JPMorgan Chase Bank, N.A.
CLASS PERIOD: June 2007–September 30, 2008
On January 23, 2009, Kessler Topaz filed a class action complaint on behalf of all entities that were participants in JPMorgan’s securities lending program who incurred losses on investments that JPMorgan, acting in its capacity as a discretionary investment manager, made in medium-term notes issue by Sigma Finance, Inc. – a defunct structured investment vehicle. The complaint asserted claims for breach of fiduciary duty under the Employee Retirement Income Security Act (ERISA), as well as common law breach of fiduciary duty, breach of contract and negligence. The parties engaged in extensive fact and expert discovery, and the action proceeded beyond motions for summary judgment. The case ultimately settled for $150 million.