Violation Tracker Individual Record

Company: 
J.P. Morgan Chase Retirement Plan
Current Parent Company: 
JPMorgan Chase
Penalty: 
$604,957
Year: 
2010
Date: 
July 15, 2010
Primary Offense: 
benefit plan administrator violation
Secondary Offense: 
pension ERISA violation
Violation Description: 

A group of participants in the JPMorgan retirement plan filed suit under the Employee Retirement Income Security Act (ERISA), claiming that the bank used cash balance formulas that discriminated based on age. The court certified a class, but because of uncertainty about who was responsible for the problem there was no monetary award to class members other than $4,957 in expenses paid to four class representatives; $600,000 in legal fees were paid to the plaintiffs' lawyers.

Level of Government: 
federal
Action Type: 
private litigation
Court: 
Southern District of New York
Civil or Criminal Case: 
civil
Case ID: 
1:06-cv-0732
Case Name: 
Wilson v. J.P. Morgan Chase Retirement Plan et al
Private Lawsuit Resolution Type: 
settlement
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking & securities
Link to PACER Case Docket (must be logged in): 
Link to Archived Court Document: 
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.