ESPINOZA EX REL. JPMORGAN CHASE & CO. v. DIMON

No. 14-1754.

807 F.3d 502 (2015)

Ernesto ESPINOZA, Derivatively on behalf of JPMorgan Chase & Co., Plaintiff-Appellant, v. James DIMON, Douglas L. Braunstein, Michael J. Cavanagh, Ellen V. Futter, James S. Crown, David M. Cote, Laban P. Jackson, Jr., Crandall C. Bowles, James A. Bell, Lee R. Raymond, Stephen B. Burke, William C. Weldon, Ina R. Drew, David C. Novak, Defendants-Appellees. JPMorgan Chase & Co., Nominal Defendant-Appellee. William H. Gray, III, Defendant.

United States Court of Appeals, Second Circuit.

Decided: December 3, 2015.


Attorney(s) appearing for the Case

George C. Aguilar ( Jay N. Razzouk , on the brief), Robbins Arroyo LLP, San Diego, California; Thomas G. Amon , Law Offices of Thomas G. Amon, New York, New York, for Plaintiff-Appellant.

Richard C. Pepperman, II , Sullivan & Cromwell LLP, New York, New York ( Daryl A. Libow , Christopher Michael Viapiano , Sullivan & Cromwell LLP, Washington, D.C., on the brief), for Defendants-Appellees James Dimon, Douglas L. Braunstein, Michael J. Cavanagh, Ina R. Drew, and Nominal Defendant-Appellee JPMorgan Chase & Co.

Jonathan C. Dickey , Gibson, Dunn & Crutcher LLP, New York, New York, for Defendants Appellees Ellen V. Futter, James S. Crown, David M. Cote, Laban P. Jackson, Jr., Crandall C. Bowles, James A. Bell, Lee R. Raymond, Stephen B. Burke, William C. Weldon, and David C. Novak.

Before: KATZMANN, Chief Judge, POOLER and CARNEY, Circuit Judges.


This is our third opinion addressing Ernesto Espinoza's derivative suit, in which he alleges that the board of JPMorgan Chase & Co. ("JPMorgan") improperly failed to investigate alleged misstatements made by JPMorgan executives regarding the "London Whale" trading incident. Espinoza, a JPMorgan stockholder, contends that...

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