Investors demand the transparency of the investment firms they fund and the ability to view their returns, even when they are not required to reveal their identities.
In a lawsuit filed Wednesday against J.P. Morgan Chase & Co., two investors alleged that the bank has failed to give them access to their investments even though they paid for them through J. P. Morgan’s securities brokerage account.
The lawsuit, filed in New York’s Southern District of New York, alleges that the Securities Investor Protection Corp. (SIPC) has been unable to give the investors access to any of their investment portfolios after the financial institutions were required to file annual reports with the Securities and Exchange Commission in March.
The suit seeks to require the banks to allow investors to see their returns on their securities holdings for the first time, including information about the size of their portfolios and their average return on investment.
J.P., in a statement, said it “takes these types of allegations seriously and is committed to transparency.”
The bank said it would respond to the suit in court.
The plaintiffs, who are Jewish and live in New Jersey, were told by J.p.
Morgan that the firm had not provided them access because the securities brokerage accounts are not “private,” which means that it is not required by law to reveal the names of its investors, according to the lawsuit.
The bank has not responded to requests for comment on the suit.
The investors, who also represent other Jewish investors in the case, alleged that J. p.
Morgan has not been transparent about how it funds its investments and the extent of the risks involved.
The two investors, whom the SEC has not identified, were seeking an injunction to prevent J. Morgan from withholding information about their investments until the case is resolved, the lawsuit said.JPMorgan declined to comment.
The SEC declined to discuss the case.
The cases were filed in a class-action suit on behalf of the plaintiffs, all of whom are Jewish.
J.J.’s attorney, Jonathan Zielenski, declined to respond to a request for comment.
In the lawsuit, the investors are represented by Jonathan D. Friedman, of Washington, D.C., and Mark H. Levin, of New Jersey.
They also are represented, among others, by former federal prosecutors Andrew W. Weiss and John J. Sullivan.
The case will be heard in New Orleans on July 28.