NY judge rules JPMorgan owes billionaire

AP News
Posted: Aug 26, 2013 7:19 PM

NEW YORK (AP) — A New York City judge says J.P. Morgan Investment Management Inc. owes billionaire Leonid Blavatnik more than $42.5 million in connection to an investment account.

Judge Melvin Schweitzer ruled the company breached its contract in the way it invested the funds it was managing for Blavatnik in 2006, by not adhering to its own guidelines.

The judge rejected Blavatnik's claim of negligence but determined Blavatnik was owed $42.5 million, plus an additional amount in interest.

JP Morgan Chase said it disagreed with the judge's finding on breach of contract, and was considering its options.

Schweitzer handed his decision down on Aug. 21 after a three-week bench trial some months ago. The decision was filed Monday.