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  >  JP Morgan Chase & Company    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 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
jake@zamansky.com


© Business Wire 2012
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on JP MORGAN CHASE & COMPANY
12:50p Wall Street duo make $150m each on back of Trump election victory
10:46a JP MORGAN CHASE MPANY : JPMorgan Chase to Present at the Barclays Global Financi..
07/23 'TWO DETROITS' : Even far from downtown, contrasts abound in city neighborhoods
07/22 POLL : Wall Street's image campaign still isn't working
07/22 Indigo selects banks for share sale
07/21DJJP MORGAN CHASE MPANY : U.S. Drops Case Against 'London Whale' Traders -- Update
07/21 JP MORGAN CHASE MPANY : Acting U.S. Attorney Announces Filing Of Motion To Dismi..
07/21DJJP MORGAN CHASE MPANY : U.S. Drops Case Against 'London Whale' Traders
07/21 JP MORGAN CHASE MPANY : US seeks dismissal of charges in 'London Whale' case
07/21 JP MORGAN CHASE MPANY : JPMorgan Chase to Present at the Barclays Global Financi..
More news
News from SeekingAlpha
10:38a Only 1 Of These 2 Banks Is Worth Buying Right Now
07/23 Tracking Ken Fisher'S Fisher Asset Management Portfolio - Q2 2017 Update
07/23 Interest Rate Lift Off
07/22 Our Sick Money Markets. The Myth Of LIBOR
07/21 JPMorgan Remains Extended
Financials ($)
Sales 2017 102 048 M
EBIT 2017 41 530 M
Net income 2017 24 383 M
Debt 2017 -
Yield 2017 2,33%
P/E ratio 2017 13,38
P/E ratio 2018 11,92
Capi. / Sales 2017 3,16x
Capi. / Sales 2018 3,00x
Capitalization 322 914 M
Chart JP MORGAN CHASE & COMPANY
Duration : Period :
JP Morgan Chase & Company Technical Analysis Chart | JPM | US46625H1005 | 4-Traders
Technical analysis trends JP MORGAN CHASE & COMPANY
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 94,9 $
Spread / Average Target 4,4%
EPS Revisions
Managers
NameTitle
James Dimon Chairman & Chief Executive Officer
Marianne Lake Chief Financial Officer & Executive Vice President
Dana S. Deasy Chief Information Officer
Lee R. Raymond Lead Independent Director
James Schine Crown Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
JP MORGAN CHASE & COMPANY5.33%322 914
INDUSTRIAL AND COMMRCL BANK OF CHINA LTD20.86%271 869
WELLS FARGO-1.71%270 705
BANK OF AMERICA7.69%236 855
CHINA CONSTRUCTION BANK CORPORATION18.57%219 795
BANK OF CHINA LTD9.88%200 228