NPR Obtains $150 Million Settlement in Securities Lending Case on the Eve of Trial
June 5, 2012
NPR 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. NPR 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.
NPR partners Jeff Angelovich, Brad Beckworth and Susan Whatley and associate Lisa Baldwin led the prosecution of this case.