Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  JPMorgan Chase & Co.    JPM

Delayed Quote. Delayed  - 07/28 10:00:14 pm
64.1 USD   -0.36%
01:06a JPMORGAN CHASE : New senior appointments for Apex
07/28 JPMORGAN CHASE : Releases Local Consumer Commerce Index of Everyday..
07/27 JPMORGAN CHASE : Han Zheng talks with JP Morgan Chase chairman
News SummaryMost relevantAll newsSector news 

JPMorgan Chase & Co. : Zamansky & Associates Announces Its Investigation of JP Morgan Chase over Sales of Its Proprietary Mutual Funds and Chase Strategic Portfolios

share with twitter share with LinkedIn share with facebook
share via e-mail
07/11/2012 | 12:15am CEST

Zamansky & Associates LLC is investigating JP Morgan Chase & Co. ("JP Morgan")(NYSE: JPM) over sales of proprietary mutual funds and Chase Strategic Portfolios for possible securities fraud and/or breaches of duties owed to bank and brokerage firm customers.

On July 3, 2012, The New York Times published an article entitled "Former Brokers Say JP Morgan Favored Selling Bank's Own Fund Over Others". This article reported that JP Morgan encouraged its financial advisers to favor JP Morgan's own products even when competitors had better-performing or cheaper options. With one crucial offering, JP Morgan exaggerated the returns of what it was selling in marketing materials, according to documents reviewed by The Times. Additionally, JP Morgan was ordered by arbitrators to pay $373 million to a competitor for favoring its products, despite an agreement it had to sell alternatives.

While investors have pulled money from stock funds, JP Morgan has gathered assets in its stock funds at a rapid rate, despite having only a small group of top-performing mutual funds. Over the last three years, roughly 42 percent of its funds failed to beat the average performance of funds that make similar investments, according to Morningstar, a fund researcher. "I was selling JP Morgan funds that often had weak performance records, and I was doing it for no other reason than to enrich the firm," said Geoffrey Tomes, who left JP Morgan last year. "I couldn't call myself objective."

The investigation also concerns sales of Chase Strategic Portfolios, an investment program offering managed portfolios that has grown to $20 billion in assets. JP Morgan charges investors management fees of 1.6%, in addition to the fees charged by mutual funds in the portfolios--other firms waive the duplicative fees. According to The New York Times, JP Morgan also provided investors with marketing materials containing misleading "theoretical" returns, which mask the true weaker performance of the Chase Strategic Portfolios.

If you JP Morgan bank or brokerage customer who invested in its mutual funds or the Chase Strategic Portfolios, please contact Jake Zamansky at (212) 742-1414 or jake@zamansky.com.

Zamansky & Associates is one of the leading law firms specializing in securities fraud and financial services class action litigation and arbitration.

Zamansky & Associates LLC
Jake Zamansky, 212-742-1414

© Business Wire 2012
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on JPMORGAN CHASE & CO.
01:06a JPMORGAN CHASE : New senior appointments for Apex
07/28 JPMORGAN CHASE : Ten Women Entrepreneurs are Finalists in Rising Tide Capital's ..
07/28 JPMORGAN CHASE INSTITUTE : Releases Local Consumer Commerce Index of Everyday Sp..
07/27 JPMORGAN CHASE : Han Zheng talks with JP Morgan Chase chairman
07/27DJMonte dei Paschi Seeks to Unload Bad Loans, Raise Capital
07/27DJInvestors Warm Up To Big Bank Shares, Paring Sector Losses -- WSJ
07/27DJDeutsche Bank Profit Plunges Amid Turnaround Effort
07/27DJJapan Considers Issuing 50-Year Debt for First Time
07/26 JPMORGAN CHASE : Inter-American Dialogue (IAD) - Discussion
07/25 J.P. MORGAN : Named Depositary Bank by LINE Corp.
More news
Sector news : Banks - NEC
09:50a BARCLAYS : first half profit falls 21 percent as costs of shrinking bite
09:38aDJCAIXABANK : Profit Up as Bad Loan Provisions Fall--Update
09:15aDJSpanish Bank BBVA Posts Drop in Profit but Beats Analysts' Forecasts
09:11aDJBARCLAYS : Profit Takes Hit From Asset Sales -- Update
09:03aDJBANCO BILBAO VIZCAYA ARGENTARIA : Spanish Bank BBVA Posts Drop in Profit but Bea..
More sector news : Banks - NEC
News from SeekingAlpha
07/28 Apple Tops Dogs Of The Dow July Analysis
07/28 DEUTSCHE : BofA a better bet than JPMorgan
07/27 Residential REITs Replace Diversified Dogs Atop Real Estate Sector Household ..
07/27 Laggards Among Leaders
07/27 Concentrating Investing Can Boost Portfolio Returns - Part II
Financials ($)
Sales 2016 96 057 M
EBIT 2016 38 436 M
Net income 2016 21 013 M
Debt 2016 -
Yield 2016 2,92%
P/E ratio 2016 11,38
P/E ratio 2017 10,33
Capi. / Sales 2016 2,44x
Capi. / Sales 2017 2,35x
Capitalization 234 392 M
More Financials
Duration : Period :
JPMorgan Chase & Co. Technical Analysis Chart | JPM | US46625H1005 | 4-Traders
Full-screen chart
Technical analysis trends JPMORGAN CHASE & CO.
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 70,0 $
Spread / Average Target 9,3%
Consensus details
EPS Revisions
More Estimates Revisions
James Dimon Chairman, President & Chief Executive Officer
Matthew E. Zames Chief Operating Officer
Marianne Lake Chief Financial Officer & Executive Vice President
Dana S. Deasy Chief Information Officer
Lee R. Raymond Lead Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
JPMORGAN CHASE & CO.-2.92%234 392
WELLS FARGO & CO-11.46%244 358
BANK OF AMERICA CORP-12.77%150 792
More Results