JPMorgan ordered to pay $42.5 million to Blavatnik

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Associated Press

Posted on August 26, 2013 at 3:00 PM

Updated Monday, Aug 26 at 4:02 PM

NEW YORK (AP) — JPMorgan has been ordered to pay billionaire Leonard Blavatknik $42.5 million damages in relation to a soured investment in mortgage-backed securities.

Blavatnik, who ranks 44th on Forbes list of billionaires, had sought to recover more than $100 million due to JPMorgan's "alleged mismanagement" of his funds during the early stage of the housing crisis of 2007.

In a decision made public on Monday after a three-week trial, New York State Supreme Court Justice Melvin Schweitzer ruled that JPMorgan had breached its contract with Blavatnik's CMMF fund because it exceeded a 20 percent cap for mortgage-backed securities in the fund.

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