COLUMBUS, Ohio (AP) — JPMorgan Chase has agreed to pay $150 million to public pension funds and individuals hurt by its $6 billion "London Whale" trading loss.
Ohio Attorney General Mike DeWine announced the settlement agreement Monday. It comes in a 2012 class-action lawsuit that alleged JPMorgan Chase issued false and misleading statements regarding its trading activity, describing risky and speculative trading strategies as mere "hedges" or "risk management" devices.
Subsequent London Whale losses caused the bank's stock value to plummet. The Ohio Public Employees Retirement System lost $2.5 million. It joined similar funds in Oregon and Arkansas and Swedish pension fund AP7 as lead plaintiffs.
The settlement includes individuals who bought JPMorgan stock between April 13, 2012, and May 21, 2012. Potential claimants will be notified in the coming weeks.