Public Pension Funds Named to Lead ‘London Whale’ Lawsuit

Arkansas Teacher Retirement System and five other funds will serve as lead plaintiffs against JPMorgan.

Public pension funds from Arkansas, Ohio, Oregon and Sweden will be lead plaintiffs in a group lawsuit against JPMorgan Chase & Co. over trades made by Bruno Iksil, known as the “London Whale.”

U.S. District Judge George Daniels in Manhattan ruled today that lawsuits against the New York-based bank should be consolidated into a class action. The pension funds allege they lost as much as $52 million because of fraudulent activities by JPMorgan’s London chief investment office.

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