JPMorgan ordered to pay $50m damages to Russian billionaire

WALL Street investment bank JPMorgan has been told to pay more than $50 million (£32 million) in damages to Russian billionaire Leonard Blavatnik.

A New York court ruled that the bank was liable for stuffing an investment account held by Blavatnik with risky subprime mortgage securities. In a decision made public yesterday, New York State Supreme Court Justice Melvin Schweitzer said JPMorgan breached its contract with Blavatnik's investment fund, CMMF LLC. He ordered the bank to pay $42 million plus 5% annual interest dating back to May 2008.

Blavatnik is worth about $16 billion, making him the world's 44th richest person, according to Forbes magazine. He said: "There are a lot of people out there who, I understand, feel they have been wronged by JPMorgan but cannot afford to take on a huge bank. They shouldn't have to."

JPMorgan, which is also dealing with last year's London Whale trading scandal, said: "We respectfully disagree with the court's interpretation of our agreement with CMMF, and we are considering our options regarding that finding."



INFO NEEDED: Where are our magpie hotspots?

INFO NEEDED: Where are our magpie hotspots?

Help us figure out where is safe to walk during swooping season

Woman nabbed doing 140kmh among 69 speeders caught by police

Woman nabbed doing 140kmh among 69 speeders caught by police

Police 'disappointed' by drivers putting others in danger

Gallery unveiling largest indigenous exhibition this week

premium_icon Gallery unveiling largest indigenous exhibition this week

More than 30 unique works of Aboriginal art to be hung on the walls

Local Partners