JPMorgan wins dismissal of shareholder lawsuit over London Whale

JPMorgan Chase & Co (JPM.N) officials including Chief Executive Officer Jamie Dimon do not have to face a shareholder lawsuit claiming they failed to properly investigate the "London Whale" trading scandal that caused $6.2 billion in losses, a federal appeals court ruled on Tuesday. The 2nd U.S. Circuit Court of Appeals in New York said a lower court judge did not abuse his discretion by dismissing the lawsuit by shareholder Ernesto Espinoza. Writing for a three-judge appeals court panel, Chief Judge Robert Katzmann said Espinoza did not meet the high standard of showing the board committed "gross negligence" in probing the losses and deciding not to sue people who were involved.

JPMorgan wins dismissal of shareholder lawsuit over London Whale source: http://finance.yahoo.com/news/jpmorgan-wins-dismissal-shareholder-lawsuit-181155396.html