JPMorgan Chase & Co has been hit with a lawsuit brought on behalf of employees whose retirement holdings fell in value after the largest U.S. bank revealed a surprise $2 billion trading loss earlier this month.
The complaint, filed late Monday in U.S. District Court in Manhattan, also names individual defendants, including Chief Executive Jamie Dimon and Ina Drew, who stepped down last week as head of JPMorgan’s chief investment office, where the loss occurred.
The defendants were accused of violating their duties to 401(k) and other retirement plan participants by including company stock as an investment option, hiding the stock’s risk, and failing to move participants to safer choices.
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