State leaders today announced a $150 million settlement in a class-action lawsuit with JP Morgan Chase over complex derivative contracts that ended up costing the company , and investors, billions.
The scandal made worldwide headlines in 2012 and was nicknamed the London Whale because of its English origins. Investigators say Chase misled investors about the risk of betting on complex derivative contracts that ended up costing the company more than $6 billion.
The settlement announced Monday involves the Ohio Public Employees Retire System, along with pension funds in Oregon, Arkansas, and Sweden.
The Ohio Attorney General’s office says thousands of individual Ohioans could be also members of the class-action suit, and they’ll soon be notified if they’re able to file a claim.
