Reuters: Bankruptcy News: JPMorgan told to pay Blavatnik $42.5 mln over mortgage losses

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JPMorgan told to pay Blavatnik $42.5 mln over mortgage losses Aug 26th 2013, 19:49 NEW YORK | Mon Aug 26, 2013 3:49pm EDT NEW YORK Aug 26 (Reuters) - A New York state judge has ordered JPMorgan Chase & Co to pay the billionaire Leonard Blavatnik $42.5 million 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 on Monday, New York State Supreme Court Justice Melvin Schweitzer also said the largest U.S. bank was not liable on a negligence claim. Blavatnik had sought to recover more than $100 million that he said the bank lost on his original investment of roughly $1 billion. Schweitzer ruled about seven months after conducting a three-week non-jury trial.

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