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Case 1:23-cv-03903-JSR Document 34 Filed 07/27/23 Page 1 of 15
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
CITY OF MIAMI GENERAL EMPLOYEES
& SANITATION EMPLOYEES
RETIREMENT TRUST
and
OPERATING ENGINEERS
CONSTRUCTION INDUSTRY AND
MISCELLANEOUS PENSION FUND,
Plaintiffs,
v. Case Number: 1:23-cv-03903 (JSR)
JAMES DIMON, STEPHEN B. BURKE,
TODD A. COMBS, JAMES S. CROWN,
TIMOTHY P. FLYNN, MELLODY
HOBSON, JOHN W. KESSLER, PHEBE N.
NOVAKOVIC, and JAMES E. STALEY,
Defendants,
and
JPMORGAN CHASE & CO.,
Nominal Defendant.
REPLY IN SUPPORT OF DEFENDANTS’ MOTION TO
DISMISS THE AMENDED STOCKHOLDER DERIVATIVE COMPLAINT
Case 1:23-cv-03903-JSR Document 34 Filed 07/27/23 Page 2 of 15
TABLE OF CONTENTS
ARGUMENT...................................................................................................................................1
I. The Complaint Fails Adequately to Plead Demand Futility................................................1
A. Directors Who Joined the Board After Epstein Was Terminated as a Client
Do Not Face a Substantial Likelihood of Liability..................................................2
B. Plaintiffs Fail to Plead That the Remaining Demand Board Directors
(Burke, Crown, Dimon, and Flynn) Face a Substantial Likelihood of
Liability....................................................................................................................4
C. Plaintiffs Fail to Plead Facts Sufficient to Show That Any Demand Board
Director “Lacks Independence.”.........................................
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