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JPMorgan Chase & Co, Ex-Bear Stearns Managers Win Dismissal Of Bank of America Corp Lawsuit-Reuters


Tuesday, 3 Sep 2013 08:47pm EDT 

Reuters reported that JPMorgan Chase & Co and former Bear Stearns Cos managers Ralph Cioffi and Matthew Tannin won the dismissal of a lawsuit in which Bank of America Corp accused them of causing heavy losses by lying in a desperate bid to prop up two failing hedge funds. U.S. District Judge Alison Nathan in Manhattan has rejected Bank of America's fraud and breach of fiduciary duty claims, and said the bank failed to prove damages that could be traced to Bear's concealing of market-moving information. 

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