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J.P. Morgan ordered to pay Blavatnik $42.5 million Over Subprime Losses
LONDON (MarketWatch) -- J.P. Morgan must pay billionaire Leonard Blavatnik more than $42.5 million after losing a breach-of-contract case over subprime mortgage losses, a New York judge has ruled. Blavatnik argued in his suit, brought in 2009, that the bank mismanaged his funds by breaching its own cap on risky mortgage securities, according to media reports Monday. The billionaire, who suffered losses on the investment, had asked for an award of more than $100 million. In the ruling, dated August 21 but filed Monday, Judge Melvin Schweitzer found J.P. Morgan breached its contract but rejected Blavatnik's claim of negligence at the bank.
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