Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

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
0
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 [email protected].

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
[email protected]


© Business Wire 2012
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on JPMORGAN CHASE & CO.
05/26 Legal & General, Aviva plan Ireland moves post-Brexit
05/26 DDR CORP. (NYSE : DDR) Files An 8-K Other Events
05/25 JPMORGAN CHASE : Declares Preferred Stock Dividend
05/25 ICBC Ranks No.1 in Forbes Global Top 2000 Listed Firms
05/24 HSBC : New York fines BNP Paribas $350 million in trading scheme
05/24 JPMORGAN CHASE : Chase Announces Continued Hyatt Co-Brand Card Program
05/24 JPMORGAN CHINA REGION FUND, INC. (NY : JFC) Files An 8-K Regulation FD Disclosur..
05/24 France makes Brexit pitch to Wall Street banks in New York
05/23 MICROCHIP TECHNOLOGY : TO PRESENT AT THEJP MORGAN 45th ANNUAL TECHNOLOGY, MEDIA ..
05/23 MICROCHIP TECHNOLOGY : to Present at the JP Morgan 45th Annual Technology, Media..
More news
Sector news : Banks - NEC
05/26 TSX ekes out gain in low volume trade ahead of U.S. holiday
05/26 CATHAY FINANCIAL : Taiwan's Cathay Financial units to buy Bank of Nova Scotia's ..
05/25DJWELLS FARGO : Sweetens Broker Recruitment Bonuses-- 2nd Update
05/25DJWELLS FARGO : Sweetens Broker Recruitment Bonuses--Update
05/25DJROYAL BANK OF CANADA : Earnings Rise -- Update
More sector news : Banks - NEC
News from SeekingAlpha
05/26 Citigroup Is Outperforming The Big Banks
05/25 The No-Brainer Way To Beat SPY
05/25 Market's In A Confusing Zone - Cramer's Mad Money (5/24/17)
05/24 Building A $100k Portfolio By Age 23!
05/23 Dividend Investing Is NOT Rocket Science (Part 1)
Advertisement
Financials ($)
Sales 2017 102 397 M
EBIT 2017 43 765 M
Net income 2017 24 243 M
Debt 2017 -
Yield 2017 2,44%
P/E ratio 2017 12,75
P/E ratio 2018 11,17
Capi. / Sales 2017 2,96x
Capi. / Sales 2018 2,79x
Capitalization 303 267 M
More Financials
Chart JPMORGAN CHASE & CO.
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
TrendsBearishNeutralBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 93,3 $
Spread / Average Target 9,3%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
James Dimon Chairman & 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.-1.09%303 267
INDUSTRIAL AND COMMRCL..18.59%263 719
WELLS FARGO & CO-4.90%261 909
BANK OF AMERICA CORP5.16%231 282
CHINA CONSTRUCTION BAN..17.10%224 185
BANK OF CHINA LTD7.56%198 433
More Results