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Rating:Class Action Lawyers Slap J.P. Morgan With Suit Over Its Mutual Fund Sales Practices Not Rated 4.0 Email Routing List Email & Route  Print Print
Tuesday, July 17, 2012

Class Action Lawyers Slap J.P. Morgan With Suit Over Its Mutual Fund Sales Practices

News summary by MFWire's editors

Things aren't getting any sunnier for J.P. Morgan Funds. Just weeks after an unflattering report in the New York Times, a former brokerage client sued the banking giant, reports Reuters correspondent Karen Freifeld.

The suit reiterates the Time's allegations that the brokerage client was purposefully driven towards bad investments to increase the bank's profits.

The suit is seeking class-action status, and claims that J.P. Morgan falsely stated that its advisors were acting as fiduciaries.

A FINRA spokeswoman told Reuters the agency was "looking at" the suit.

The SEC, J.P. Morgan and the Manhattan District Attorney all did not comment for Freifeld's article. 

Edited by: Ben Geier

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