J.P.Morgan Sues Former Adviser
NEW YORK (Reuters) - J.P. Morgan Chase & Co is suing a former financial adviser who defected to Morgan Stanley Smith Barney and has already transferred $30 million of client assets to his new company, according to documents filed in the New York Supreme Court on Wednesday.
JP Morgan accuses Michael Lupia of breaching his employment contract and using confidential company information to contact former clients and transfer their accounts.
And:
WaMu securities holders file complaint
Investors holding $1 billion in Washington Mutual Inc. securities are suing to protect their investment from being transferred to J.P. Morgan Chase as part of Washington Mutual's bankruptcy reorganization.
A complaint filed Tuesday in bankruptcy court centers on the purported exchange of $4 billion in securities into WMI preferred stock when its flagship bank was seized by federal regulators in 2008 and sold to J.P. Morgan for $1.9 billion.
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