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JP Morgan and Max Hopper

JP Morgan is being court ordered to pay more than $4 billion to Max Hopper’s family for inappropriately handling his assets. The former American Airlines executive died in 2010 without a will or testament. The bank took more than five years to release the interest figures for Mr. Hopper’s assets. Although the family could be receiving between $4 and $8 billion, his assets were calculated to be worth more than $19 billion. However, JP Morgan believes they did not do anything wrong and that the verdict will not be upheld under the law. They were charged with fraud, breaching their fiduciary duty, and breaking a fee agreement. The question for this case becomes, how long is too long for a bank to take calculate and handle assets? Similarly, what is the standard amount of time that a bank should take to complete such cases? Another interesting point to bring up is the fact that family is getting significantly less money than they could have received if JP Morgan had appropriately handled the case. The best case scenario for the company is that they will lose about 2/3 of their second quarter $6.6 billion profit. 

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