Legal Opinion
Espinoza v. Dimon
Court of Appeals for the Second Circuit
Decided August 12, 2015No. Docket No. 14-1754PublishedCited by 41 opinions
1Opinion of the Court
KATZMANN, Chief Judge:
This derivative action is one of many to arise out of the “London Whale” trading debacle, which cost JPMorgan Chase billions. Plaintiff-appellant Ernesto Espinoza, a JPMorgan shareholder, believes that JPMorgan has not done enough to go after those he deems responsible. Through this lawsuit, he challenges the decision of the JPMorgan board to reject his demand that JPMorgan take action against the alleged wrongdoers. Although a board’s rejection of a shareholder demand is normally conclusive so long as that rejection was based on a reasonable investigation, here Espinoza…
2Cases cited27 opinions
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- Cohen v. Beneficial Industrial Loan Corp.Supreme Court of the United States · 1949
- Tellabs, Inc. v. Makor Issues & Rights, Ltd.Supreme Court of the United States · 2007
- Kamen v. Kemper Financial Services, Inc.Supreme Court of the United States · 1991
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3Cited by41 opinions
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- Clifford Tindall v. First Solar Inc.Court of Appeals for the Ninth Circuit · 2018
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