4/12/2011

JPMorgan Chase executives started raising concerns about Sigma, an investment vehicle based in London, in the summer of 2007. The bank chose to keep $500 million in client assets in Sigma despite the warnings. Sigma then collapsed, and new documents show that the warnings about it went all the way to the office of CEO Jamie Dimon. JPMorgan's clients lost almost all of their money, but the bank made almost $1.9 billion from its demise, according to the lawsuit.

Related Summaries