American Century awarded $384 million in dispute with JPMorgan

JPMorgan is ordered to pay KC company $384 million for allegedly reneging on deal.

Heh. Yeah, right here plunk in the middle of the country, where one of the Federal Reserve branches are, a privately held company gets to stick it to JPMorgan and Jamie Dimon. Hooray.

I know, I know, It's only a drop out of JPM's gazillions of fake dollars, but it's COLLECTABLE, rather than just ordering a bankrupt company to pay. They CAN pay, and their investors oughta be pissed.

The article states that they intentionally created a poor performance bar in order to profit at American Century's expense. Sickening. The info wasn't even going to be released, but it was pressed out. Let me know what you guys think about these "little" awards, and their publicity, in terms of the ongoing demolition of the corruption of the banks.

Every little hit hurts, right? As long as it is KNOWN. All I can hope is that their investors pull out, and Dimon and his thugs go under -- sucked into the very tar-pit they have cooked up. Back to where they came from.

Read more here: www.kansascity.com...=cpy

American Century representatives were delighted with the $384 million arbitration award, which was reached last August but disclosed only this week after Time Inc., the publisher of Fortune, sued to have the arbitration award released after learning about the dispute in a Delaware court case.

The Morgan company — which has altered its name to JPMorgan Chase & Co. — also completed the sale of its 41 percent stake in American Century a month after the arbitrators’ decision last August. It sold its shares to Canadian Imperial Bank of Commerce for $848 million.

Randall Hendricks, the attorney representing American Century in arbitration, said the arbitrators’ award was the largest in Missouri history considered collectable, according to Missouri Lawyers Weekly, a trade publication. There have been larger amounts awarded in other legal cases, but they were beyond the ability of the loser to pay.

“It’s an extraordinary event for a Kansas City company to take on in litigation a powerhouse like JPMorgan and a large New York law firm, and through 60 witnesses, 4 million documents and 600 exhibits to prevail,” Hendricks said.

Bill Lyons, the former chief executive of American Century at the time of the Morgan deal, declined to comment except to say, “I believe the arbitration decision and the resulting award speak for themselves.”

Read more here: www.kansascity.com...=cpy

YEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA....

Does this describe how happy I am??????

JPMC and all the others are NOT OUR FRIENDS

The GREED and irresponsibility of many banks, mortgage companies and other financial institutions was the straw which broke the proverbial camel's back of the commerical and housing industries.

Try as they might, and they have by flooding the airwaves with insane amounts of disinformation, their attempts to blame this failure on others has failed.

SLOWLY, but surely investigations into the corruption which IS the financial industry oozes out for all to see and investigations are producing prosecutions and victories for some of those damaged.

reply to post by OldCurmudgeon


Email JPMorgan and start rubbing it in.
See what they reply back with.

reply to post by Skewed

Email JPMorgan and start rubbing it in.
See what they reply back with.

Oh, trust me. I rub it in all the time. I have to deal with them as they hold my "mortgage" (which they bought without my knowledge), even though THEY systematically ruined my credit by disregarding a COURT'S ORDER that my debt was made the responsibility of my dead-beat, lying ex. (Pretty handy way to ensure I couldn't DUMP them and refi with a local bank, eh? Very clever.)

So I make nasty little notes that I include with my payments. Heh.
They know all about me. Their "records" have it all in there. They have the faxed court records, they have noted in my "file" that I demand they repair my credit. I've got plenty of phone calls recorded, too. Frauds, liars, monsters, and life-destroyers.

reply to post by wildtimes


Back again... my apoligies, I forgot to F n S... again, great post...

Originally posted by Skewed
reply to post by OldCurmudgeon

 

Email JPMorgan and start rubbing it in.
See what they reply back with.

Thanks, but don't need too... I went in personally to the main bank branch three years ago and voiced my opinion.

I had to jump back in here after reading my post...

JPMC (or any of the others) don't give a rats patooie about me or anyone else who banks with them.

A painful lesson to us all, "bigger is NOT BETTER", for the regular person anyway and 'Wal Mart' sizing of every company and industry will and IS leading to complete failure of the system.

The most pain comes as the government is complicit as it stood by and hummmed whille the financial industry became more corrupt than the Mafia.

GREED... control of the masses by a few wealthy elitists...

reply to post by OldCurmudgeon


I feel your pain, OldCurm, I feel your pain.
I would love to take them to court...and in the end, I could. My attorney assures me the judge's ruling would stand. They left me alone after I told them that...and also that I was not going to pay my OWN credit card (a few piddly hundreds of dollars) until they REMOVED my ex's charge-off to the tune of $54k from MY CREDIT. Oh, they tried to harass me. I even had one guy so pissed off that he screamed at me and hung up, when I gave him the ultimatum.

Yet, according to the guy in the article, if THIS victory is so amazing, with the millions of docs and witnesses and slow grind of the court system, what chance would I have to prevail? None.

I gave them my ex's phone, address, ssn, all of it, too. I told them to go after him, it wasn't my problem and I had no intention of paying it. I still don't, not until they straighten out my credit. And I wish to GOD I could refi -- I'm nearly there with the passage of time and the husband now gainfully employed again. Nine months of no work meant no way we could refi.

Yeah, thanks for that, too, Dimon. You absolute horror of a human being.

Bastards. At least they're leaving me alone. I am hopeful every time I see this kind of story, that "debts" to these monsters will be forgiven across the board, and they'll all go to the big house and get their comeuppance on a daily basis. It's happened before. It could happen again.

reply to post by wildtimes


Write your next check out on a toilet seat and hand deliver it to the manager.

Or....

Pay your next payment in a 5-gallon bucket full of pennies, or however many it would take, and make them count it all before you leave.

I did once threaten my mortgage company that the next check I sent them, if at all, would be written on a bloody maxi-pad. That seemed to have kicked them into high gear on the foreclosure process.

so where can i send my address to get my check.

since im sure most of that money belongs to the people anyways

reply to post by wildtimes


Wildtimes... so sorry for you problem and glad it sounds like you have moved on now... yes, the banks could care less about you and your problem and it doesn't help there isn't one person to whom one can talk.... and then it is a sort of bait and switch game to which the person who makes an agreement with you suddenly is not longer involved and this person says, "that person had no authority to make that agreement". What a crock of crap... and guess what, (you might already know this) when you ask to speak to that magical person who 'can sign off on an agreement', no one seems to know their name....

And yes, they laugh at you and I as they know alone we don't stand a chance of beating them..

I'm just always so happy when I see someone with the money to take them to task and especially that most of the time the banks lose.

As I stated in my previous posts, most banks and financial institutions are worse than dealing with the Mafia...

Lol, as if they are going to pay. I wpuld demand it in gold bullion.

reply to post by OldCurmudgeon

when you ask to speak to that magical person who 'can sign off on an agreement', no one seems to know their name....

Oh, I got the name. "Jamie Diamond"

I said, "Is that a 'she' Jamie or a 'he' Jamie?"

Reply: "A 'he'." (I didn't bother to check on the spelling of his surname. I was already thoroughly bent out of shape. I learned it later, though, after googling everything I could find on the slime-bag.)

I said, "Give me his phone number, right now." (In my grown-up pissed voice.)

Answer: "He doesn't take phone calls. He doesn't have a phone."

And yes, they laugh at you and I as they know alone we don't stand a chance of beating them..
I'm just always so happy when I see someone with the money to take them to task and especially that most of the time the banks lose.
As I stated in my previous posts, most banks and financial institutions are worse than dealing with the Mafia...

May I 'friend you'?
Hear, hear.

Originally posted by wildtimes
reply to post by OldCurmudgeon

 

when you ask to speak to that magical person who 'can sign off on an agreement', no one seems to know their name....

Oh, I got the name. "Jamie Diamond"

I said, "Is that a 'she' Jamie or a 'he' Jamie?"

Reply: "A 'he'." (I didn't bother to check on the spelling of his surname. I was already thoroughly bent out of shape. I learned it later, though, after googling everything I could find on the slime-bag.)

I said, "Give me his phone number, right now." (In my grown-up pissed voice.)

Answer: "He doesn't take phone calls. He doesn't have a phone."

And yes, they laugh at you and I as they know alone we don't stand a chance of beating them..
I'm just always so happy when I see someone with the money to take them to task and especially that most of the time the banks lose.
As I stated in my previous posts, most banks and financial institutions are worse than dealing with the Mafia...

May I 'friend you'?
Hear, hear.

edit on 23-3-2012 by wildtimes because: (no reason given)

Wildtimes... please do friend me... thank you too

reply to post by OldCurmudgeon


Done.
Since the thread is dead, well...2nd.
But, nice to meet you!

reply to post by wildtimes


Don't feel bad about your thread... since I've been on here it appears that lots of the long threads require trolls, trolling, factless arguing and arguing about lack of facts, etc... lol

I'll watch for you posts... whats your favorite area?

Oh yea... another star for ya...

OK... does that show you as my friend too?

I've never been friended or friended anyone... duh? lol

reply to post by OldCurmudgeon


No, you have to click on the blue (or whatever color) "member" at the bottom of my drop-down....(in my avatar).....then there's an option for "add as friend".....
You are already on my friends list (cause I did that), but until you click that "member" button and click on "add as friend", it doesn't happen on your end.

reply to post by wildtimes


Very good.. and done... thank you so much...