JPMorgan Chase & Co was the target of two separate lawsuits by shareholders on Wednesday, accusing the bank and its management of excessive risk that led to trading losses of at least $2 billion.
A spokesman for JPMorgan Chase declined to comment on the lawsuits, which were filed in U.S. District Court in Manhattan, days after Chief Executive Jamie Dimon’s May 10 statement that a “failed hedging strategy” caused the massive loss over the last month.
