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IPFS News Link • Lawsuits

"Unprecedented" $8 Billion Verdict Against JPMorgan Cut Drastically

• zerohedge.com by Tyler Durden

Back in September, Jamie Dimon's bank was hit with an $8 billion jury verdict for, a judgment large enough to negatively impact the bank's EPS and dent its Tier 1 ratio.  On the surface, that judgment might seem excessive. But the bank's treatment of the Hopper family was so absurdly outrageous, getting stuck with the largest jury award of 2017 appeared justifiable to many in retrospect.

However, in what appears to be an attempt to stave off a laborious appeals process and exit quickly with their cash, the family of a former airline executive asked the judge to lower the punitive damages portion of the fine - what amounts to $6 billion of the $8 billion - to roughly $100 million.

Lawyers for Stephen Hopper and Laura Wassmer asked a Dallas probate court to limit punitive damages to them and their father's estate to about $70 million, down from a total of $6 billion awarded by the jury. Hopper and Wassmer also asked for $3.9 million for losses and attorneys' fees.

The widow, Jo Hopper, asked the court to lower her award to $14.4 million, according to a filing from her lawyers disclosed Friday.

The final award could go even lower. JPMorgan is seeking to reverse the entire judgment.


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