The Louisiana Municipal Police Employees Retirement System has sued J.P. Morgan Chase & Co. in New York, according to The Wall Street Journal, alleging the bank breached its fiduciary duty in violating sanctions against Cuba, Iran, Liberia and Sudan, as well as anti-terrorism measures.
The pension fund, which provides retirement benefits for full-time police and other law enforcement officers, alleged that J.P. Morgan’s board “embraced or recklessly disregarded the company-wide business strategy based on repeated and systematic violations of federal law,” the story says. The lawsuit does not list the damages the pension fund known as MPERS is seeking.
In August, J.P. Morgan settled a U.S. Treasury complaint, paying $88.3 million. The Treasury accused the bank of “egregious” misconduct that involved thousands of wire transfers and hundreds of millions of dollars between Dec. 15, 2005, and March 1, 2011.