JP Morgan Chase Settles with Ohio, Others in London Whale Case
The Ohio Attorney General’s office has announced a $150 million settlement in a class-action lawsuit with JP Morgan Chase. For Ohio Public Radio, WOSU’s Steve Brown reports.
The scandal made worldwide headlines in 2012 and was nicknamed the London Whale because of its English origins. Investigators say Chase misled investors about the risk of betting on complex derivative contracts that ended up costing the company more than $6 billion. The settlement announced Monday involves the Ohio Public Employees Retirement System, along with pension funds in Oregon, Arkansas and Sweden. The Ohio Attorney General’s office says thousands of individual Ohioans could be also members of the class-action suit, and they’ll soon be notified if they’re able to file a claim.