Rick Pepperman Quoted in Law360 Article on Dismissal of London Whale ERISA Suit

September 8, 2016
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On September 8, Law360 quoted Mr. Pepperman in an article titled “2nd Circ. Affirms Toss of 'London Whale' ERISA Suit.” The article discusses the Second Circuit's decision upholding the dismissal of a putative class action brought by current and former JPMorgan Chase employees. The plaintiffs alleged that losses to their retirement plans resulted from the London Whale securities fraud could have been prevented if the bank fiduciaries of the plan had blocked the fund from buying JPMorgan stock at prices allegedly inflated by the fraud. The court affirmed that the fiduciaries' actions did not constitute a breach of fiduciary duty under the standard applied by the Employee Retirement Income Security Act. In the article, Mr. Pepperman, who represented JPMorgan Chase, is mentioned as having “noted that the bank's share value has rebounded since the trading losses were disclosed in 2012 and that the ERISA plaintiffs are entitled to proceeds from a recent $150 million securities fraud class action settlement.”