Billionaire Leonard Blavatnik won a $42.5 million breach of contract award against JPMorgan Chase & Co. (JPM) over claims the bank stuffed a fund with risky mortgage securities and lost 10 percent of his $1 billion investment. Blavatnik lost a negligence claim against the bank.
Blavatnik, 56, ranked 51st on Bloomberg’s billionaires index with a net worth of $15.6 billion, sued JPMorgan in 2009 in New York State Supreme Court in Manhattan, accusing the biggest U.S. bank by assets of putting more money into mortgage securities in his CMMF fund than investment guidelines allowed.
