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Case 1:23-cv-03903-JSR Document 25 Filed 07/06/23 Page 1 of 32
UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK
IN RE JP MORGAN CHASE & CO. Master Case No. 1:23-CV-03903 (JSR)
DERIVATIVE LITIGATION
DERIVATIVE ACTION
MEMORANDUM OF LAW IN SUPPORT OF
DEFENDANTS’ MOTION TO DISMISS
Case 1:23-cv-03903-JSR Document 25 Filed 07/06/23 Page 2 of 32
TABLE OF CONTENTS
Page
Table of Authorities.........................................................................................................................ii
II. Relevant Background Facts as Pleaded in Complaint .............................................4
III. No Demand Was Made, and Demand Futility Is Not Adequately Pleaded.............9
A. Legal Standard for Demand Futility ........................................................................9
B. Plaintiffs Fail to Plead Particularized Facts Demonstrating that a Majority
of the Demand Board Directors Face a “Substantial Likelihood of
Liability.”...............................................................................................................10
1. Eight Demand Board members assumed membership on the
JPMorgan Board only after JPMorgan terminated Epstein as a
client. .........................................................................................................11
2. Plain
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