JP Morgan Chase settles one lawsuit among dozens

There are countless elements that businesses need to consider when attempting to follow all necessary regulations and avoid lawsuits. The number of issues that can arise is endless and a Phoenix business law firm is experienced with each major problem that may plague a company. JP Morgan Chase is one such business that has had endless lawsuits filed against itself.

Worldwide lawsuits have been filed against the company for its alleged involvement in the Libor-rigging scandal, according to the Huffington Post. Countless subpoenas and requests for documents have been sent to JP Morgan from organizations around the world. Along with JP Morgan, 15 other banks have been implicated in the manipulation of Libor, says the source.

Other lawsuits that have come out against the company include allegations against its potential exploitation of the electricity industries. Morgan Chase is also being investigated internally because of a $5.8 billion trading loss.

"This has shaken our company to the core," JP Morgan's CEO Jamie Dimon told the news source. "Did it cost shareholders a few bucks? Yup. But it was a non-horrible way of learning the lesson, in the sense that the entire institution didn't burn down, the lesson's been taught and Dimon seems ready to take it. We are not proud of this moment, but we are proud of our company."

The Wall Street Journal reported that a federal judge has approved the company's request for a $100 million settlement in one lawsuit it was ensnared in. The settlement will be offered to plaintiffs who allege JP Morgan Chase infringed upon credit-card borrowers' contract guidelines by increasing their minimum monthly payments.

Arizona businesses that wish to avoid a tsunami of lawsuits, similar to the legal struggles JP Morgan is currently battling, will need to partner with business attorneys in Phoenix who can provide the necessary legal expertise when protecting any client company.
 

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