Russian-American investor, Len Blavatnik, whose industrial holding company, Access Industries, reportedly lost $98 million on subprime investments wants to have a word with the House of Dimon. Blavatnik alleges his JPM banker, Ted Ufferfilge, had a unique interpretation of a conservative, low-risk strategy for his investments is suing JPM for his losses. When the subprime market started to tank and Blavatnik wanted out, Ufferfilge gave him those soothing words of wisdom- the investments were "money good". JPM points out that anybody vulnerable enough to wind up in subprime investments qualifies as a "sophisticated investor" and therefore the lawsuit is frivolous.
"We believe this lawsuit is meritless and a transparent attempt to recover losses resulting from the unprecedented market downturn. We intend to defend this matter vigorously."