JPMorgan Stumbles in $112,000 Severance Suit Against Ex-Adviser

Sept. 27, 2021, 6:40 PM

JPMorgan Chase & Co.’s severance plan administrator must file an amended complaint to seek $111,629 in alleged overpayments to a financial adviser whose position in the company’s international financial services division was eliminated in 2018, a federal judge in Texas ruled.

The plan administrator’s lawsuit against Maria Baez seeks reimbursement for overpaid benefits under the Employee Retirement Income Security Act. But ERISA requires plan fiduciaries suing participants to seek “equitable relief,” rather than money damages, and the administrator’s complaint fails this requirement, Chief Judge Lee H. Rosenthal of the U.S. District Court for the Southern District of Texas held.

The ...

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