Lawsuit Claims JPMorgan Ripped Off Its Clients

Some former clients have filed a class action lawsuit against JPMorgan saying their bests interests weren't taken into account as the financial world first started to collapse in 2007 and, shockingly, that the bank actually profited $1.9 billion from the demise of London-based investment vehicle Sigma while the clients lost nearly $500 million in assets that JPMorgan didn't pull out. Oh the nerve of these not-as-rich-as-they-used-to-be people!

The lawsuit also alleges that JPMorgan's chief crybaby Jamie Dimon received warnings ahead of Sigma's collapse, which we find totally unbelievable. Somehow, Dimon will spin this into another reason to feel sorry for him for being filthy rich. A JPMorgan spokesman told the Times that the allegations against the bank are "ludicrous."

[NYT; Jamie Dimon via Getty]