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Judge dismisses WaMu employees lawsuit vs JPMorgan

</head> <body> <p>NEW YORK (Reuters) - A U.S. District Court dismissed a lawsuit of former employees of Washington Mutual <WAMUQ.PK> against JPMorgan Chase & Co <JPM.N> to recover their retirement account losses after the collapse of the thrift.</p> <p>The plaintiffs filed a case in November 2007 against Washington Mutual asserting the financial company breached duties it owed under the Employee Retirement Income Security Act by allowing them to invest their 401(k) funds in Washington Mutual stock.</p> <p>The funds declined as the stock of Washington Mutual, one of the largest U.S. financial institutions, plunged -- hurt by mounting losses.</p> <p>After Washington Mutual filed for bankruptcy in September 2009, the employees of the company added JPMorgan Chase as a defendant, after the second largest U.S. bank acquired some banking assets of the failed company.</p> <p>But earlier this year, JPMorgan asked the court to dismiss the action saying it had bought only assets of Washington Mutual and not the entire holding company, alleging it was not responsible for the collapse of the financial institution.</p> <p>On Monday, U.S. District Judge Marsha Pechman dictated JPMorgan could not be liable for the mismanagement of the retirement funds.</p> <p>JPMorgan spokesman Tom Kelly declined comment.</p> <p>The case is In Re, Washington Mutual Inc Securities, Derivative & ERISA litigation, U.S. District Court, Western District of Washington, No. 08-1919</p> <p>(Reporting by Juan Lagorio; Additional reporting Emily Chasan and Elinor Comlay; Editing Bernard Orr)</p> </body> </html> </div><!-- end article-body --> </div><!-- end aticle-body-wrapper --> <aside> <ul class="social-share-btns clearfix"> <li><g:plusone size="medium" href="http://wkzo.com/news/articles/2009/oct/07/judge-dismisses-wamu-employees-lawsuit-vs-jpmorgan/"></g:plusone></li> <li><div id="fb-root"></div><script src="http://connect.facebook.net/en_US/all.js#appId=112315878855956&xfbml=1"></script><fb:like href="http://wkzo.com/news/articles/2009/oct/07/judge-dismisses-wamu-employees-lawsuit-vs-jpmorgan/" action="recommend" send="true" layout="button_count" width="150" show_faces="false" font=""></fb:like></li> <li><a href="http://twitter.com/share" class="twitter-share-button" data-url="http://wkzo.com/news/articles/2009/oct/07/judge-dismisses-wamu-employees-lawsuit-vs-jpmorgan/" data-text="Judge dismisses WaMu employees lawsuit vs JPMorgan" data-count="horizontal">Tweet</a><script type="text/javascript" src="http://platform.twitter.com/widgets.js"></script></li> </ul><!-- end social-share-btns --> </aside> </div><!-- end article-container --> <section class="clearfix text-ad-container"><div class="text-ad"></div><div class="text-ad"></div><div class="text-ad"></div></section> <div id='taboola-below-main-column'></div> <script type="text/javascript"> window._taboola = window._taboola || []; _taboola.push({mode:'thumbs-2r', container:'taboola-below-main-column', placement:'below-main-column'}); </script> <div id='taboola-text-2-columns'></div> <script type="text/javascript"> window._taboola = window._taboola || []; _taboola.push({mode:'text-links-5r', container:'taboola-text-2-columns', placement:'text-2-columns'}); </script> <script> window._taboola = window._taboola || []; _taboola.push({flush:true}); </script> <section class="comment-container"> <h1 class="h2 visuallyhidden">Comments</h1> <a href="/news/articles/2009/oct/07/judge-dismisses-wamu-employees-lawsuit-vs-jpmorgan/#disqus_thread"></a> <div id="disqus_thread" class="section-widget"></div> <script type="text/javascript"> var disqus_shortname = 'wkzo'; var disqus_title = 'Judge dismisses WaMu employees lawsuit vs JPMorgan'; var disqus_url = 'http://wkzo.com/news/articles/2009/oct/07/judge-dismisses-wamu-employees-lawsuit-vs-jpmorgan/'; (function() { var dsq = document.createElement('script'); dsq.type = 'text/javascript'; dsq.async = true; dsq.src = 'http://' + disqus_shortname + '.disqus.com/embed.js'; (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(dsq); })(); </script> </section><!-- end comment-container --> </article> </div><!-- end of col-1 --> <div id="col-2"> <form class="section-search-form clearfix" method="get" action="/search/"> <fieldset class="clearfix"> <input class="section-search" type="text" rel="Search News" name="q" placeholder="Search News" /> <input class="section-search-submit" type="image" alt="Search" src="http://static.mwcradio.com/images/icons/section-search.gif" /> </fieldset> </form> <div class="ad-300x250"></div> <aside class="aside-module top-stories"> <h1>Top Stories</h1> <ul class="unstyled-list single-col-list"> <li><a href="/news/articles/2014/aug/29/portage-man-sentenced-for-shooting-his-boss-to-death/" title="Full Article: Portage man sentenced for shooting his boss to death. 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