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Economy
In reply to the discussion: STOCK MARKET WATCH -- Tuesday, 27 August 2013 [View all]xchrom
(108,903 posts)26. JP Morgan told to pay Blavatnik $50m in damages
http://www.bbc.co.uk/news/business-23845347
JP Morgan has been ordered to pay Russian billionaire Leonard Blavatnik $50m after losing a claim for damages.
Mr Blavatnik brought the claim against the investment bank after suffering losses following the collapse of the US subprime mortgage market.
New York judge Melvin Schweitzer ruled that JP Morgan breached its contract with Mr Blavatnik's investment fund.
But he rejected a claim for negligence because at the time the investments were considered "reasonable".
JP Morgan has been ordered to pay Russian billionaire Leonard Blavatnik $50m after losing a claim for damages.
Mr Blavatnik brought the claim against the investment bank after suffering losses following the collapse of the US subprime mortgage market.
New York judge Melvin Schweitzer ruled that JP Morgan breached its contract with Mr Blavatnik's investment fund.
But he rejected a claim for negligence because at the time the investments were considered "reasonable".
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