Now it is the beginning of another round of lawsuit in the US as actors guild AFTRA has filed a case against the investment bank JP Morgan. The investment bank has been accused of making huge losses to the pension fund of the guild.
In the lawsuit filed by the guild the bank JP Morgan has been accused of seeing their own interests while investing the money in some remote destination. The lawsuit has been filed in the US District Court for the Southern District in New York. The question that was asked in the lawsuit is “”What was a union pension fund doing investing in the complicated offshore deal in the first place?”
The allegations state that the bank was more than willing to protect its own interests in the multibillion dollar Cayman Islands offshore funds named as Sigma. JP Morgan gave loans to the fund and earned $1.9 billion as fees. But JP Morgan failed to withdraw the investment of AFTRA fund in proper time and that went on to incur huge losses for their money.
The JP Morgan lawsuit has raised some serious questions about the fiduciary duty of the union. Are they serious to meet the obligatory demand of their members? When the bank JP Morgan approached them about dumping millions of dollars in some offshore tax haven, why did not they take think about it seriously?
