The stock price of JPMorgan Chase & Co. (JPM) has risen by over 1.17% today till the late morning trading session. The stock closed at $110.93 on Wednesday.
The New York based is a multinational banking and financial services holding company. It is the largest bank in the United States, the world’s sixth largest bank by total assets, with total assets of US$2.5 trillion, and the world’s most valuable bank by market capitalization. It is a major provider of financial services and according to Forbes magazine is the world’s sixth largest public company based upon a composite ranking. The hedge fund unit of JPMorgan Chase is the second largest hedge fund in the United States. The company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.
In recent news regarding the JP Morgan Chase’s lawsuit, Irelsie Alvarez said she and fellow jurors wanted to send JPMorgan Chase & Co. a message with their startling $8 billion verdict in a Dallas probate case — an award that’s destined to be reduced to no more than $90 million.
She concluded at the close of the trial in September that the bank mismanaged the estate of deceased American Airlines executive Max Hopper, who died in 2010 with assets of more than $19 million. Alvarez said she took the suggestion of lawyers for Hopper’s family that a big damage award was needed “in order to prevent this from happening again.”
“It was to call attention to it, to send them a message,” Alvarez, a 26-year-old insurance agent, said in an interview. “Chase promised so many things and they didn’t keep those promises.” The jury award — the largest of 2017 and the ninth-largest in U.S. history — is set to be revisited Thursday by the judge in the case after Hopper’s family members conceded that it’s legally indefensible.
His adult children had asked Dallas County Probate Judge Brenda Thompson last fall to award them about $74 million, down from the $6 billion in punitive damages the jury issued against the bank for Stephen Hopper and Laura Wassmer and their father’s estate. In a court filing Wednesday, their lawyer said the bank agreed to a confidential settlement. The attorney and a representative of JPMorgan declined to comment ahead of Thursday’s hearing.
The widow, Jo Hopper, who wasn’t part of that settlement, asked the court to lower her award to $14.4 million, from $2 billion. JPMorgan was seeking to reverse the entire judgment, saying it acted in good faith on the Hopper estate and “stole nothing.” Before the settlement with the children was announced, the New York-based bank said in an April 2 filing that the damages requests were “still grossly excessive and legally unsustainable.”
Our analysts have given a “HOLD” rating to JPMorgan Chase & Co.’s stock. Due to the weekly fluctuation, buying it at this moment might be risky.