From finalternatives: JPMorgan Chase shareholders have
trotted out the dreaded epithet—"hedge fund"—in a revised
class-action lawsuit against the bank.
The shareholders, led by several large public pension funds,
accuse the bank of turning its chief investment office into a "secret hedge
fund." The move blew up in the bank's face when a trader known as the
"London whale" cost it some $6 billion on bad credit-default swap
index trades.
JPMorgan CEO Jamie Dimon "secretly transformed the CIO
from a risk management unit into a proprietary trading desk whose principal
purpose was to engage in speculative, high-risk bets designed to generate
profits," the revised class-action complaint, filed last week in New York
federal court, alleges….
Read all about it at http://www.finalternatives.com/node/22182
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