An Oklahoma court ordered JP Morgan Chase & Co to restore ExxonMobil shares, valued at about $20 million, to a trust for causing substantial losses through "ill-advised" investments.
The court said the bank breached numerous fiduciary duties it owed as trustee by "negligently and recklessly" subjecting ExxonMobil shares, owned by Carolyn S. Burford Trust, to risky variable prepaid forward (VPF) contracts.
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The bank was ordered to restore to the trust 220,122 shares of ExxonMobil lost under the VPF investment strategy.
(Reporting by Ashutosh Pandey in Bangalore; Editing by Don Sebastian)