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jpmorgan faces lawsuit over american dream mall lender claims
JPMorgan Chase Bank will face claims in a lawsuit alleging it undermined junior lenders' repayment rights related to New Jersey's American Dream mall. A federal court ruled that the bank's 2021 debt extension deal, which removed collateral from junior lenders, constitutes a significant financial injury. Judge John Koeltl denied the bank's motion to dismiss the case.
Chase Bank plans new branch in Rochester amid local banking landscape
Chase Bank plans to establish a new branch in Rochester, marking its first direct presence in the city. The proposed 3,421-square-foot facility will be located near Apache Mall, featuring a drive-through ATM and employing approximately 8 to 10 staff members. A Neighborhood Information Meeting is set for April 10, with further details to be announced as plans are finalized.
jpmorgan faces lawsuit over alleged mismanagement of 401k investment options
A former JPMorgan Chase employee has filed a lawsuit claiming the bank's 401(k) plan offered an underperforming stable value investment, alleging a failure to adequately review investment options and fulfill fiduciary duties under ERISA. The complaint highlights that the plan, with over $44 billion in assets, could have negotiated better crediting rates from insurance companies, which profited from low returns on investments. The plaintiff seeks to have JPMorgan declared in breach of its fiduciary responsibilities and to recover losses incurred by plan participants.
jpmorgan faces lawsuit over alleged mismanagement of 401k investment options
A former employee has filed a lawsuit against JPMorgan Chase Bank, claiming the bank's 401(k) plan underperformed due to poor investment choices and inadequate fiduciary oversight. The complaint alleges that the JPMorgan Stable Value Fund, which invested in synthetic guaranteed investment contracts, carried excessive risk and low crediting rates, benefiting insurance companies at the expense of plan participants. The plaintiff seeks to have the court declare JPMorgan breached its fiduciary duties and to recover losses from imprudent investments.
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