Len Blavatnik, the billionaire entrepreneur, has won a partial victory in his legal battle to bring claims against JPMorgan Chase alleging that the bank invested about $1bn belonging to one of his companies in a portfolio “stuffed” with risky mortgage-backed securities. In a recent judgment, the Supreme Court of the State of New York agreed to hear claims from Access Industries, Mr Blavatnik’s industrial group, against JPMorgan’s asset management arm for breach of contract and negligent misrepresentation. The court dismissed two other claims – for negligence and breach of fiduciary duty – brought by CMMF, a unit of Access Industries. The case could be heard in January unless the two sides reach a settlement.

This entry was posted by Paul Murphy on Monday, December 21st, 2009 at 4:58 and is featured in The 6am Cut London (21 Dec 2009) . Tagged with jpmorgan chase, Len Blavatnik. Edit this entry.