UPDATE: J.P.Morgan ordered to pay more than $4 billion to widow for botching estate settlement
A Dallas jury on Tuesday ordered J.P.Morgan Chase & Co.(JPM) to pay more than $4 billion in damages for mismanaging the estate of a former executive for American Airlines (AAL). The bank was hired by the family of Max Hopper in 2010 to administer his estate, which totaled more than $19 million, but had no last will and testament. The jury found that instead the bank committed fraud, breached its fiduciary duty, and broke a fee agreement. It took years to release assets, the jury was told, and in some cases stock options expired. The bank also ignored requests from Hopper's widow to sell certain stocks, and paid legal fees out of the estate's proceeds. "The nation's largest bank horribly mistreated me and this verdict provides protection to others from being mistreated by banks that think they're too powerful to be held accountable," Jo Hopper said in a statement. The bank has said it believes the verdict will be overturned. JPMorgan's stock has gained 8.6% for the year to date, compared to 11.5% for the S&P 500[s:SPX].
-Andrea Riquier; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires