Biz people
China Daily | Updated: 2009-06-23 08:02
Blavatnik plans Morgan lawsuit
US billionaire Len Blavatnik is planning to file a lawsuit against JPMorgan Chase, accusing the bank of mismanaging an investment account that held $1 billion in assets owned by Blavatnik's industrial holding company, Access Industries, the New York Times said.
In the proposed lawsuit, Blavatnik's lawyers blame Ted Ufferfilge, a JPMorgan banker advising Access, for losing $98 million of the company's money betting on risky subprime mortgage securities, according to the paper.
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