NEW YORK(AP)�Shareholders of JPMorgan Chase(JPM) have filed two lawsuits against the biggest U.S. bank, accusing it and its leaders of taking excessive risk and causing the recently disclosed $2 billion trading loss.
And FBI Director Robert Mueller said Wednesday the bureau has launched a preliminary investigation into a $2 billion trading loss at the bank.
Mueller's comment at a Senate Judiciary Committee hearing was the first on-the-record confirmation of the probe.
"All I can say is we've opened up a preliminary investigation," Mueller told the Senate panel. Mueller said that opening a preliminary investigation "depends on a number of factors," which he did not enumerate.
Under attorney general guidelines for FBI operations, a preliminary investigation may be initiated on the basis of any allegation or information indicative of possible criminal activity. Time limits are set for completion of preliminary investigations � usually six months, although six-month extensions can be granted. Extensions of preliminary investigations beyond a year must be approved by FBI headquarters.
The company revealed the loss last week, saying it resulted from a failed hedging strategy.
The lawsuits filed Wednesday in New York claim JPMorgan changed its risk model without telling investors. They say the shift led to the losses and claim company leaders misled investors.
One suit was filed by California shareholder James Baker. A second was filed by Arizona-based Saratoga Advantage Trust's financial services portfolio.
JPMorgan Chase declined to comment.
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