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.
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