A NEW York state judge has ordered JPMorgan Chase & Co to pay the billionaire Leonard Blavatnik $42.5m (£27.3m) plus interest, finding the bank liable for breach of contract after it was accused of mismanaging an investment account by betting on risky mortgage securities.
In a decision made public yesterday, New York State Supreme Court Justice Melvin Schweitzer also said the largest US bank was not liable on a negligence claim.
Blavatnik had sought to recover more than $100m that he said the bank lost on his original investment of roughly $1bn.
Schweitzer ruled about seven months after conducting a three-week non-jury trial.
Through his investment firm Access, Blavatnik owns Warner Music, and recently invested in Dr Dre’s headphones firm, Beats.
City A.M. Reporter