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Case 1:23-cv-03903-JSR Document 29 Filed 07/06/23 Page 1 of 27
IN THE UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK
Master Case No. 1:23-cv-03903-JSR
IN RE JPMORGAN CHASE & CO.
DERIVATIVE LITIGATION
DERIVATIVE ACTION
DEFENDANT JAMES E. STALEY’S MEMORANDUM OF
LAW IN SUPPORT OF MOTION TO DISMISS COMPLAINT
Case 1:23-cv-03903-JSR Document 29 Filed 07/06/23 Page 2 of 27
TABLE OF CONTENTS
PRELIMINARY STATEMENT .....................................................................................................1
BACKGROUND .............................................................................................................................2
A. Parties ......................................................................................................................2
B. The Alleged Wrongdoing ........................................................................................3
C. Procedural History ...................................................................................................4
ARGUMENT ...................................................................................................................................6
I. Plaintiffs Have Failed To Show That Demand on the Board Is Excused ................6
A. Plaintiffs Cannot Show Demand Futility as to Mr. Staley Because
the Bank Has Already Sued Him on the Same Allegations .........................8
B. Plaintiffs’ Allegations That the Board Could Not Impartially
Consider a Litigation Demand Fall Short .........
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