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ASBESTOS WORKERS PHILADELPHIA PENSION FUND v. BELL

16417, 652020/13.

137 A.D.3d 680 (2016)

29 N.Y.S.3d 274

2016 NY Slip Op 02510

ASBESTOS WORKERS PHILADELPHIA PENSION FUND, Plaintiff, and MARK SVECHIN, Derivatively on Behalf of JPMORGAN CHASE & COMPANY, Appellant, v. JAMES A. BELL et al., Respondents, et al., Defendant.

Appellate Division of the Supreme Court of New York, First Department.

Decided March 31, 2016.

This derivative action was brought by both an institutional and an individual shareholder of JP Morgan Chase & Co. (JPMorgan), without any pre-suit demand having been made. The named defendants are 11 current and former members of JPMorgan's Board of Directors and two former officers. The claims arise out of JPMorgan's securitization and sale of its subprime and other troubled residential mortgages. Plaintiffs' claims are mainly...

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