The lawsuit asserts that JPMorgan Securities engaged in one-sided transactions with Chase Bank, designed to shift financial gains from customers to Chase Bank. Additionally, Bodea claims that JPMorgan Securities misrepresented the fees associated with the program, often omitting them entirely from customer disclosures.
JPMorgan Chase sweeping customers Suit : Legal Action and Potential Implications
The lawsuit seeks damages, attorney fees, and a jury trial. JPMorgan Chase declined to comment on Monday, and counsel for Bodea did not immediately respond to requests for comment.
This lawsuit follows JPMorgan Chase’s disclosure last November of regulatory inquiries concerning aspects of its advisory programs, including account aggregation, fee discounting, and portfolio manager selection.
Bodea is represented by Radha Nagamani Raghavan, Michael Dell’Angelo, Andrew D. Abramowitz, and Alex B. Heller of Berger Montague PC, and Alan L. Rosca, Jonathan A. Korte, and Paul J. Scarlato of Rosca Scarlato LLC. Counsel information for JPMorgan Chase was not immediately available.
