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NP Settles $150M Securities Lending Case Before Trial

NP filed suit in the Southern District of New York on behalf of AFTRA and other participants in JPMorgan’s securities lending program alleging that JPMorgan violated its fiduciary duties (under both common law and ERISA) to AFTRA and the class in connection with certain investments in Sigma, an opaque offshore fund. Judge Shira Scheindlin certified this case to proceed as a class action. NP Partner Brad Beckworth was set to try this case with co-counsel. On the eve of trial, while jury questionnaires were being returned, the parties reached a settlement in the amount of $150 million. The Court has granted final approval of this settlement.

NP partners Jeff Angelovich, Brad Beckworth, Susan Whatley, and Lisa Baldwin led the prosecution of this case.

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