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JPMorgan/Sigma: Securities lending case settles after massive discovery

Led class action on behalf of participants in JPMorgan Chase Bank’s (JPMorgan) securities lending program that incurred losses on JPMorgan’s investments in medium-term notes issued by Sigma Finance, Inc. 

Our clients, the American Federation of Television & Radio Artists Retirement Fund and the Imperial County Employees’ Retirement System, asserted claims for breach of fiduciary duty under ERISA, as well as common law breach of fiduciary duty, breach of contract and negligence. During discovery, the parties produced and reviewed hundreds of thousands of pages of documents, took 40 depositions and submitted 21 expert reports. The case settled on the eve of trial for $150 million.

Associate
D 610.822.2218
Associate
D 484.270.1413
Partner
D 484.270.1465
Partner
D 610.822.2229