Case Caption: In re Board Of Trustees Of The AFTRA Retirement Fund et al v. JPMorgan Chase Bank, N.A.
Case Number: 1:09-cv-00686
Court: Southern District of New York
Judge: Honorable Debra C. Freeman
Plaintiffs: Board Of Trustees Of The AFTRA Retirement Fund; Board of Trustees of The Imperial County Employees' Retirement System; The Investment Committee of the Manhattan and Bronx Service Transit Operating Authority Pension Plan
Defendants: JPMorgan Chase Bank, N.A.
Overview: 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.