Welcome to Financial Advisor IQ
Follow

JPMorgan Settles Retaliation Claims with Former Wealth Manager

June 13, 2018

A former JPMorgan wealth manager has settled a contentious retaliation suit against the firm, without either party releasing any details on a case that at one point had the manager winning a $1.1 million award only to have the verdict upended by a judge, Law360.com reports.

Jennifer Sharkey, fired from the firm in 2009, filed suit in 2010 accusing JPMorgan of retaliating against her after her recommendation that the company drop a client she had suspected of money laundering. In November a jury awarded Sharkey $563,000 in back pay and $563,000 for emotional damage. But just an hour after the panel reached its verdict, U.S. District Judge Denise Cote upended it, claiming the jury was prejudiced against the bank, arguing that by awarding emotional damages in the same amount as the back pay, the panel intended in fact to award Sharkey punitive damages, which was against Cote’s instructions. Cote had been scheduled to preside over a new trial starting next week, according to Law360.com.

(Getty)

But according to a Monday filing before Cote, Sharkey and JPMorgan have settled, the legal news website reports. The filing only says that the matter has been resolved, according to Law360.com. Douglas Wigdor of Wigdor LLP, Sharkey’s lawyer, tells the website “the parties have agreed upon a mutually satisfactory resolution of this matter.” JPMorgan’s statement, seen by Law360.com, also doesn’t go into any detail.

By Alex Padalka
  • To read the Law360 article cited in this story, click here.