Support The Moscow Times!

Blavatnik Gets OK in U.S. Suit

NEW YORK — Len Blavatnik got counts reinstated Friday in his lawsuit claiming that JPMorgan Chase lost 10 percent of the $1 billion it managed for him.

New York state court Judge Melvin L. Schweitzer in Manhattan upheld the claims after Blavatnik filed an amended complaint in December. Schweitzer declined to dismiss claims for negligence and breach of fiduciary duty that he had previously tossed out.

"Structured in such a fashion, the claims for breach of contract, negligence and breach of fiduciary duty do not overlap," he wrote in his decision Friday.

In December 2009, Schweitzer threw out Blavatnik's claims for negligence and breach of fiduciary duty. He refused to dismiss accusations of breach of contract and negligent misrepresentation, though he narrowed the contract claim. In his decision Friday, he ruled similarly, upholding the two latter claims while narrowing the contract claim.

Blavatnik claims JPMorgan put twice as much money into risky mortgages as Blavatnik's investment guidelines allowed. Blavatnik says the bank lost $98 million of his investment.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more