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Decimal Point Leaves J.P. Morgan Chase & Co. Facing Law Suit


J.P. Morgan Chase & Co. (NYSE:JPM) has been sued by a trader over a $3m decimal point.

Decimal Point Leaves J.P. Morgan Chase & Co. Facing Law Suit

Bloomberg has reported that J.P. Morgan Chase & Co. (NYSE:JPM) has been sued by a trader over salary mistake.

Kai Herbert, a Switzerland-based currency trader said he accepted a contract from J.P. Morgan Chase & Co. (NYSE:JPM) because a typographical error made him believe he would be paid 24 million rand ($3.1 million), 10 times what was actually offered.

Herbert is suing JPMorgan for about 580,000 pounds ($920,000).

J.P. Morgan Chase & Co. (NYSE:JPM) claims that the mistake was a typographical error and the figure should have been 2.4 million rand.

JP Morgan Chase & Co. (NYSE:JPM) shares were at 45.16 at the end of the last day’s trading. There’s been a 34.5% change in the stock price over the past 3 months.

Decimal Point Leaves J.P. Morgan Chase & Co. Facing Law Suit
JP Morgan Chase & Co. (NYSE:JPM) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.4
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.38
Zack’s Rank: 2 out of 15 in the industry


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