By Maggie Thurber | Special to Ohio Watchdog
COLUMBUS — Ohio Attorney General Mike DeWine has filed a motion on behalf of state pension funds to join other funds as the lead in a class of investors who are suing JPMorgan Chase & Co.
“The filings allege that pension fund managers acting on behalf of Ohio retirees were given false and misleading information by JPMorgan Chase that hid the true nature of the bank’s risky trades, causing Ohio teachers, school employees, and public employees to lose tens of millions of hard-earned retirement dollars,” DeWine said in a news release.
The company has announced losses related to the “London Whale” trading scandal of at least $5.8 billion. Ohio pension funds lost more than $27.5 million as a result of the alleged fraud when the company described certain “risky and speculative” trading strategies “merely” as hedges and risk management devises, the release explained.
The Ohio Public Employees Retirement System, School Employees Retirement System of Ohio, and State Teachers Retirement System of Ohio were joined in filing for lead plaintiff status by public pension funds in Oregon and Arkansas, as well as a Swedish national pension fund.
The motion was filed with the U.S. District Court for the Southern District of New York.