There is no shortage of parties who want their piece of JPMorgan Chase & Co.
The New York-based firm said in a filing Monday with the Securities and Exchange Commission that the company and its subsidiaries are defendants or putative defendants in more than 10,000 legal proceedings.
JPMorgan’s estimate of potential liability in the cases range from nothing to $4.5 billion in losses as of Dec. 31, 2010. However, liability couldn’t be estimated in some cases.
Reserves have been established for several hundred active cases.
The proceedings include formal and informal regulatory and government investigations. They also involve private lawsuits and civil litigation. Plaintiffs include both individuals and groups that are part of class actions potentially involving millions of class members.
“These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the firm’s lines of business and geographies and a wide variety of claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel claims or legal theories,” the filing stated. “The firm believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously in all such matters.”
Recent Activity in Litigation Against Chase:
- Marine Capt. Jonathan Rowles filed lawsuit claiming Chase violated Servicemembers Civil Relief Act.
- In Flint v. JPMorgan Chase Bank, federal court denied Chase’s motion to dismiss.
- JPMorgan Chase and affiliates, Bear Stearns and affiliates and Washington Mutual and affiliates named as defendants in multiple lawsuits over roles as issuers, sponsors or underwriters on $150 billion in mortgage-backed securities.
- Nine homeowners from California, Illinois and Texas challenging JP Morgan Chase on issues surrounding HELOC cancellations.
- JPMorgan Chase & Co. lost appeal on order granting attorney’s fees and costs to plaintiff First American for JPMorgan’s attempt to remove underlying action from state court.
- JPMorgan Chase Bank, N.A., was successful in getting bankruptcy judge to dismiss complaint filed by borrower who alleged Chase wrongfully assessed fees and possibly other charges because it didn’t specify amount of fees in initial Chapter 13 Bankruptcy claim.
- Collective action filed by a Florida originator against Chase Home Finance LLC alleging unpaid overtime.
- JPMorgan Chase & Co. accused in a federal lawsuit of not paying its underwriters overtime.
- Former New York Mets outfielder Lenny Dykstra filed $100 million lawsuit against JPMorgan Chase & Co. alleging he was a victim of predatory lending on $12 million loan.
- Appeals court ruled against JPMorgan Chase & Co. in lawsuit brought by underwriter, finding that underwriters must be paid overtime.
