Company Overview of JPMorgan Chase Bank, National Association

The Market Street Mission, a homeless shelter in Morristown, is suing JPMorgan Chase Bank for allegedly letting a former mission employee cash more than $20,000 in checks that were intended as charitable contributions. The suit, filed in Superior Court in Morristown, announced that Chase 'breached' its duty of 'ordinary care' when it failed to properly inspect the 16 checks that were deposited in a Chase ATM in Morristown from January 2011 to April 2011. The mission, which also provides meals and gospel-based recovery programs, contacted Chase for reimbursement, but the bank 'rejected the claim', so the charity wound up suing. The former employee, Willie Carter, whose job was to open mail, wrote his name near the mission's name on the checks, according to the suit. Carter, 52, of Morristown, pleaded guilty in Superior Court in Morristown to theft and forgery. He was sentenced in October 2012 to three years in state prison and was ordered to pay $20,010 in restitution.

Co-Lead Counsel for the class of MF Global Inc. (MFGI) customers and James W. Giddens, the trustee (Trustee) for the liquidation of MFGI, have announced a settlement of all claims against JPMorgan Chase Bank, National Association and its parents, subsidiaries and affiliates (JPMorgan). The proposed settlement will be contemporaneously presented by motions for approval to both District Court Judge Victor Marrero and to Bankruptcy Court Judge Martin Glenn. The proposed settlement, which will resolve all of the customer representatives' and trustee's potential claims against JPMorgan arising both from transfers of customer property during the days preceding MFGI's collapse and from JPMorgan's conduct as one of MFGI's primary banks and repositories of customer property, provides a sizable benefit to the settlement class of former customers of MFGI. Subject to Court approval, the customer representatives, on behalf of themselves and the proposed settlement class, and the trustee, on behalf of MFGI's estate, have agreed to settle their respective claims against JPMorgan for the following consideration: (i) a $100 million cash payment from JPMorgan for distribution to customers; (ii) a release by JPMorgan of its security interests in approximately $417 million it previously returned to the Trustee, freeing such funds to be allocated to MFGI's customer estates as described below; and (iii) the return of approximately $29 million in additional funds held by JPMorgan to secure potential obligations under a certain revolving credit facility agreement and JPMorgan's clearance and other agreements with MFGI, for a total value to customers and the estate of approximately $546 million. Upon approval, the settlement will enable the trustee to immediately seek to allocate $250 million to the 4d customer estate for the benefit of MFGI customers who engaged in commodity transactions on domestic exchanges (4d Customers) and $50 million to the 30.7 customer estate for the benefit of customers who transacted on foreign exchanges (30.7 Customers). Moreover, the settlement with JPMorgan will satisfy an important condition to the effectiveness of the settlement between the trustee and the joint special administrators of MF Global UK Limited (MFGUK), approved by the Bankruptcy Court on January 31, 2013, which will facilitate the recovery from MFGUK of approximately $500-$600 million (over time) for additional distribution to customers and general creditors. All told, the settlement will ultimately enable the trustee to distribute to customers an amount approaching $1 billion. Co-Lead counsel for the customers, Andrew Entwistle of Entwistle & Cappucci LLP and Merrill Davidoff of Berger & Montague, P.C., were especially pleased with the settlement.

JP Morgan Chase Bank Presents at Terrapinn's Telecoms World Middle East, Oct-02-2012 02:00 PM. Venue: Altanis, The Palm, Dubai, United Arab Emirates. Speakers: Christian A Kern, Executive Director | Head of MENA Equity Research.