J.P. Morgan not in breach in AFTRA lawsuit 12 August 2011New York Reporter: Anna Reitman
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A federal judge in New York ruled on 5 August that J.P. Morgan did not breach its fiduciary duty of loyalty by investing in pension plans' and other entities' cash collateral in medium-term notes of Sigma Finance, while at the same time extending repurchasing financing to the company, according to Lexis Nexis.
The AFTRA Retirement Fund, along with two other pension plans, were lead plaintiffs in the two-year old class action lawsuit related to J.P. Morgan's role as a provider of securities lending services and its management of certain cash collateral on behalf of the Fund, according to AFTRA's website.
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