6 pension funds together seek lead plaintiff status in J.P. Morgan Chase suit
By Kevin Olsen | July 16, 2012 2:36 pm
Five public U.S. pension funds and one Swedish one have joined forces to seek lead plaintiff status in a proposed class-action lawsuit against J.P. Morgan Chase related to the bank's trading losses that have totaled $5.8 billion.
The six are the Ohio Public Employees Retirement System; Ohio School Employees Retirement System; Ohio State Teachers' Retirement System; Arkansas Teacher Retirement System; Oregon Public Employees Retirement Fund; and Sjunde AP-fonden, known as AP7.
The filing by Ohio Attorney General Mike DeWine seeks to consolidate three other shareholder lawsuits against the bank, said Dan Tierney, Mr. DeWine's spokesman.
“We allege we have a very sizable loss, estimated at $27.5 million, to make a strong case for Ohio pension funds being lead plaintiff,” Mr. Tierney said in a telephone interview.
The motion alleges the bank “issued false and misleading statements regarding its trading activity, describing risky and speculative trading strategies merely as 'hedges' and 'risk management' devices,” according to a news release from Mr. DeWine.
A J.P. Morgan spokeswoman declined to comment.