JPMorgan Did Not Breach Duty of Loyalty to ERISA Clients: SDNY | Practical Law
An update on an August 5, 2011 decision by the US District Court for the Southern District of New York (SDNY) in the class action Board of Trustees of the AFTRA Retirement Fund v. JPMorgan Chase Bank, N.A. The court held that JPMorgan (JPMC) did not breach a fiduciary duty of loyalty toward its ERISA plan clients for the allegedly detrimental actions of its investment banking service toward a third party organization in which clients' funds were invested through JPMC's separate securities lending service.