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Case 1:23-cv-03903-JSR Document 30 Filed 07/20/23 Page 1 of 34
UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK
Master Case No. 1:23-CV-03903 (JSR)
IN RE JP MORGAN CHASE & CO.
DERIVATIVE LITIGATION DERIVATIVE ACTION
PLAINTIFFS’ MEMORANDUM OF LAW IN OPPOSITION
TO DEFENDANTS’ MOTIONS TO DISMISS
Case 1:23-cv-03903-JSR Document 30 Filed 07/20/23 Page 2 of 34
TABLE OF CONTENTS
Page
CITATION CONVENTIONS ....................................................................................................... iii
TABLE OF AUTHORITIES ......................................................................................................... iv
PRELIMINARY STATEMENT .................................................................................................... 1
FACTUAL BACKGROUND ......................................................................................................... 4
I. COMPLIANCE WITH BSA/AML REGULATIONS IS MISSION-CRITICAL.............. 4
II. JPM FAILED TO EVEN ATTEMPT TO COMPLY WITH ITS BSA/AML
OBLIGATIONS WHILE EPSTEIN WAS A CLIENT ...................................................... 5
III. THE BOARD FAILED TO COMPLY WITH THE CONSENT ORDER AND
DPA AFTER THE EPSTEIN RELATIONSHIP WAS TERMINATED........................... 5
IV. DEFENDANTS’ BREACHES OF DUTY SIGNIFICANTLY HARMED JPM ............... 7
ARGUMENT .................................................................................................................................. 7
I. DEMAND IS EXCUSED BECAUSE A MAJORITY OF THE BOARD COULD
NOT IMPARTIALLY
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