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Case 1:23-cv-03903-JSR Document 42 Filed 01/12/24 Page 1 of 16
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
CITY OF MIAMI GENERAL EMPLOYEES &
SANITATION EMPLOYEES RETIREMENT 23-cv-03903 (JSR)
TRUST and OPERATING ENGINEERS
CONSTRUCTION INDUSTRY AND OPINION AND ORDER
MISCELLANEOUS PENSION FUND
Plaintiffs,
-v-
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.
JED S. RAKOFF, U.S.D.J.:
This is a derivative action brought by shareholders of JPMorgan
Chase & Co. (“JPMorgan”) against various officers and directors of
JPMorgan. The amended complaint asserts claims for breach of fiduciary
duty and unjust enrichment, based upon allegations that the defendants
caused JPMorgan to retain Jeffrey Epstein as a client of the bank long
after defendants knew -- or should have known -- that Epstein was
using the bank’s financial services to facilitate Epstein’s criminal
sex trafficking and exploitation of women and underaged girls. JPMorgan
recently entered into two court-approved settlements concerning this
1
Case 1:23-cv-03903-JSR Document 42 Filed 01/12/24 Page 2 of 16
activity --one with a class of Epstein victims and another with the
Government of the United States Virgin Islands –- in which JPMorgan
has agreed to pay a total of $365 million. Plaintiffs seek to hold the
defendants liable for causing this and other harms to the company.
On July 6, 2023, defendants moved to dismiss the amended complaint
in its entirety, arguing both that plaintiffs’ amended complaint fails
to state a claim pursuant to Federal Rule of Civil Procedure 12(b)(6)
and that plaintiffs have failed to adequately allege that th
[…]