The First Department held that a plaintiff's failure to make a pre-suit demand of JPMorgan's board of directors doomed a derivative action brought by a pension fund that lost money on JPMorgan stock, and in a separate ruling, established an accrual date for common-law fraud and aiding and abetting claims brought against issuers of mortgage-backed securities.
April 05, 2016 at 09:00 AM
1 minute read
The Appellate Division, First Department, has upheld the dismissal of two cases stemming from the 2008 financial crisis.
The plaintiff’s failure to make a pre-suit demand of JPMorgan’s board of directors doomed a derivative action brought by a pension fund that lost money on JPMorgan stock, a unanimous panel ruled in Asbestos Workers Philadelphia Pension Fund v. Bell, 652020/13.
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