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.
04:52p MOBILE PAYMENTS TODAY : April's best reads
04:42p JPMORGAN CHASE : Immigrant and Worker-Led Campaign Targets Corporations Set to B..
01:47pDJDeutsche Bank Names Citigroup's James Von Moltke Chief Financial Officer -- 2..
01:11pDJDeutsche Bank Names Citigroup's James Von Moltke Chief Financial Officer -- U..
12:46p Deutsche Bank names von Moltke as new CFO
04/27 JPMorgan Chase & Co leaves blockchain consortium R3
04/27 JPMORGAN CHASE : to Present at the Morgan Stanley Financials Conference
04/27 Goldman hopes high rates will lure consumers to online bank
04/27 JPMORGAN CHASE : to Present at the Deutsche Bank Global Financial Services Confe..
04/27 JPMORGAN CHASE INSTITUTE : ’s Local Consumer Commerce Index Shows a 0.7 Pe..
More news
Sector news : Banks - NEC
07:03pDJCREDIT SUISSE : Shareholders Approve Bonus Packages
06:27p FTSE in biggest one-month fall since November
06:09p Strongest week since December for European shares as investors pile in
06:04p CREDIT SUISSE : bosses grilled over bonuses after 2016 losses
04:46pDJDEUTSCHE BANK : Names Citigroup's James Von Moltke Chief Financial Officer -- 5t..
More sector news : Banks - NEC
News from SeekingAlpha
07:09a WALL STREET BREAKFAST : Government Shutdown Looms
02:57a JPMorgan leaves blockchain consortium
04/27 The Newest ETF May Be The Best Yet
04/27 My Dividend Growth Portfolio - Q1 2017 Summary
04/27 Why Is JPMorgan Trying To Corner The Silver Market?
Advertisement
Financials ($)
Sales 2017 102 274 M
EBIT 2017 41 249 M
Net income 2017 24 088 M
Debt 2017 -
Yield 2017 2,37%
P/E ratio 2017 13,10
P/E ratio 2018 11,44
Capi. / Sales 2017 3,06x
Capi. / Sales 2018 2,89x
Capitalization 312 940 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
TrendsNeutralBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 93,2 $
Spread / Average Target 6,4%
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.1.53%312 940
WELLS FARGO & CO-1.22%272 411
INDUSTRIAL AND COMMRCL..10.43%247 908
BANK OF AMERICA CORP7.01%236 782
CHINA CONSTRUCTION BAN..9.93%204 323
BANK OF CHINA LTD4.07%193 188
More Results