JPMorgan Chase Faces Lawsuit Over $6.2B London Whale Scandal and BioFuel Energy Explodes after Greenlight Capital Proposal
JPMorgan Chase & Co. (NYSE: JPM) will face a lawsuit from shareholders accusing it of securities fraud. The company is accused of misleading shareholders about its ability to manage risk. This surfaced when it lost $6.2 billion in the "London Whale" scandal. This loss was linked to trades by Bruno Iksil, a French national who had worked in a bank office in London. U.S. District Judge George Daniels in Manhattan said shareholders could pursue claims that JPMorgan, Chief Executive Jamie Dimon and former Chief Financial Officer Douglas Braunstein knowingly hid the increased risks that JPMorgan’s Chief Investment Office had been taking in early 2012.
JPMorgan Chase & Co., a financial holding company, provides various financial services worldwide. The company operates through four segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset Management. The Consumer & Community Banking segment offers deposit and investment products and services to consumers; lending, deposit, and cash management and payment solutions to small businesses; and residential mortgages and home equity loans, as well as provides credit cards, payment services, payment processing services, and auto and student loans.
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BioFuel Energy Corp. (NASDAQ: BIOF) shares more than doubled on Monday after the company received a preliminary non-binding proposal after the bell this past Friday. On Friday, the company received a proposal from Greenlight Capital founded by hedge fund manager David Einhorn, and James R. Brickman, proposing that one or more newly-formed, wholly-owned subsidiaries of Biofuel will acquire all of the equity interests of real estate developer JBGL, which is currently owned and controlled by Greenlight and Brickman for $275M in cash and stock. Greenlight Capital also made note that after the acquisition, the board of directors of the company will consist of David Einhorn, Brickman, and other members to be agreed upon.
BioFuel Energy Corp. does not have significant operations. Previously, it operated two dry-mill ethanol production facilities in Minnesota that produced ethanol and its related co-products, primarily grain and corn oil.
Get more information on BioFuel Energy Corp. and free access to the in depth equity report at: www.TrendingWallStreet.com/stockquote/BIOF
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