JPMorgan Chase has convinced a federal judge that it was not conflicted when it invested retirement plan money in Sigma Finance Inc., a structured investment vehicle, at the same time it extended billions of dollars in repo financing to Sigma before its 2008 collapse.
Southern District Judge Shira A. Scheindlin granted partial summary judgment to JPMorgan Chase and denied partial summary judgment to plaintiffs in a class action alleging JPMorgan was conflicted and should have disclosed that it had extended to Sigma a repo, or repurchasing agreement, a form of financing structured as a sale of securities with a simultaneous agreement to repurchase them at a later date.
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