Billionaire Len Blavatnik said JPMorgan Chase lost a tenth of the $1bn he had it manage so sued.
JP Morgan put twice as much money into risky mortgages as Blavatnik’s investment guidelines allowed while Jamie Dimon, the bank’s chief executive, was unloading such investments from its own books, according to the complaint. Blavatnik tried for a year to resolve the $98m loss before suing in June in New York state court, he said.
The dispute between the billionaire and the bank spotlights a common difference investors and their money managers have in the wake of a financial crisis that wiped out at least $1.73tr of wealth. Blavatnik blames the bank for his reverses; the bank blames the market.