Pension Funds Sue JPMorgan in Effort to get 8% Return

JPMorgan Chase & Co. (NYSE:JPM) faces a class-action suit from investors, with public pension funds named as lead plaintiffs, who allege that they suffered losses of about $52 million because the bank allegedly provided false information, thereby concealing the real nature of the trades that caused the massive trading loss at the bank.

U.S. District Judge George Daniels decided to consolidate the numerous suits against the bank into one class action, and named several pension funds as the lead plaintiffs: Arkansas Teacher Retirement System, Ohio Public Employee Retirement System, School Employees Retirement System of Ohio, State Teachers Retirement System of Ohio, and Oregon Public Employee Retirement Fund from the U.S., as well as Sjunde AP-Fonden from Sweden.

The trades that caused the massive trading...