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JPMorgan Ordered to Face London Whale Class Action in U.S

"NEW YORK — JPMorgan Chase & Co shareholders on Tuesday won court permission to pursue their securities fraud lawsuit against the bank over the "London Whale" trading scandal, which caused a $6.2 billion loss, as a class action.

"U.S. District Judge George Daniels in Manhattan rejected the largest U.S. bank's arguments against class action certification, which often results in higher recoveries because plaintiffs can sue as a group rather than individually.