SOURCE: Levin, Papantonio, Thomas, Mitchell, Rafferty & Proctor, P.A.

April 04, 2012 09:53 ET

Levin Papantonio, Kennedy & Madonna, Fishman Haygood, Schneider Wallace, and Meites Mulder & Glink File Class Action Lawsuit Against J.P. Morgan Chase & Co.

NEW YORK, NY--(Marketwire - Apr 4, 2012) - Levin Papantonio of Florida, Kennedy & Madonna of New York, Fishman Haygood of Louisiana, Schneider Wallace of California, Texas and Arizona, and Meites Mulder & Glink of Illinois announced today that they have filed a class action lawsuit on behalf of retirement investors against J.P. Morgan Chase & Co. and various other J.P. Morgan entities (collectively "JP Morgan") over the sale and administration of the JP Morgan Stable Value Fund (the "Fund"). According to the Complaint, JP Morgan used the Fund to offload risky mortgage assets not rated by any third party credit rating agency known as Alternative Private Placement Commercial Mortgages ("APPCMs"), and transferred the risks associated with these assets from JP Morgan to the Fund. Moreover, the Complaint states that JP Morgan internally rated the APPCMs to give them a more conservative rating than would be warranted in view of the assets' actual risks.

The Complaint alleges that the JP Morgan entities violated their duties under the Employee Retirement Income Security Act of 1974 ("ERISA"). ERISA is a federal law that, among other things, defines the minimum duties owed by those who exercise control over covered retirement plan assets in order to protect retirement plan investors and their nest eggs.

"These plan administrators had a duty to act in the best interests of their investors. Instead, it appears that the administrators took advantage of their fiduciary position to benefit JP Morgan's own interests," said James Kauffman, an attorney with Levin Papantonio Thomas Mitchell Rafferty & Proctor, P.A. The Florida firm of Levin Papantonio is handling this action with its partner firms, Kennedy & Madonna, LLP of New York; Schneider Wallace Cottrell Brayton & Konecky, LLP of California, Texas and Arizona; Fishman Haygood Phelps Walmsley Willis & Swanson LLP of Louisiana; and Meites Mulder & Glink of Illinois.

The Complaint, filed in the United States District Court for the Southern District of New York, demands that JP Morgan restore to the investors all losses incurred through the misuse of the plans' assets.

About Levin Papantonio
The Levin Papantonio law firm is recognized as one of the preeminent law firms in the US. In the past twenty-five years, the attorneys have obtained more than seventy-five jury verdicts in the amount of one million dollars or more, including twelve jury verdicts in excess of ten million dollars, and two in excess of $450 million.

About Kennedy & Madonna, LLP
Kennedy & Madonna was founded in 2000 by Robert F. Kennedy, Jr. and Kevin J. Madonna, and focuses on representing individuals and communities in civil tort litigation. The firm uses a variety of legal tools including federal citizen suits, administrative challenges and tort law to hold wrongdoers accountable for their actions.

About Fishman Haygood
Fishman Haygood Phelps Walmsley Willis & Swanson, L.L.P. was founded in the mid-1990s by leading business and litigation lawyers from three of the most prestigious law firms in Louisiana. Fishman Haygood has handled hundreds of investor claims and obtained one of the largest verdicts against a brokerage firm ever rendered by an arbitration panel.

About Schneider Wallace
Schneider Wallace Cottrell Brayton Konecky LLP is recognized as one of the preeminent law firms in the US. It represents dozens of public entities, banks and insurance companies in financial services litigation,and represents workers, investors and consumers in class action litigation matters around the country. For more almost two decades, the firm's attorneys have handled matters involving workplace benefits, alleged financial losses and consumer rights.

About Meites, Mulder & Glink
Meites Mulder & Glink was founded in 1980 and since that time has pursued cases that have a positive impact on society by advocating on behalf of classes of employees, and investors in nationwide class actions focusing on pension and retirement benefits, securities and employment discrimination.

Contact Information

  • Media Contact:
    Patrick Barrett
    Securities Department
    Levin, Papantonio, P.A.