Ex-J.P. Morgan Senior Executive Files Suit Against Financial Services Giant
Ex-J.P. Morgan Senior Executive files suit against financial services giant alleging he was fired because he refused to follow senior managements’ order to scuttle settlement of a pivotal housing discrimination case that was set for argument before the United States Supreme Court.
PHILADELPHIA, PA. May 18, 2015: Today in the Philadelphia Court of Common Pleas, Wayne Trotman, former President and CEO for JP Morgan Chase’s (Morgan) middle market business in the Mid-Atlantic market, filed suit against this financial institution alleging wrongful discrimination, retaliation and termination after 19 years of outstanding and distinguished service.
As the Complaint details, Mr. Trotman has substantial material evidence that demonstrates that he was terminated when he refused to carry out senior management directives to abuse his position as a Director of The Reinvestment Fund (“TRF”), a nonprofit, to scuttle settlement of a pivotal high profile housing discrimination case that was to be heard by the US Supreme Court.
The case, Mt. Holly Citizens in Action Inc. v. Township of Mt. Holly, was believed to be the high Court’s opportunity to strike down the disparate impact theory that the Obama Administration was using to help poor minorities obtain equal lending opportunities. Morgan and other banks wanted the TRF brokered settlement to fail so that the Court would strike down the HUD regulation based theory which had caused them tremendous liability exposure.
Morgan senior management, including CEO Jamie Dimon, sought reversal of a Third Circuit Court decision approving use of a “Disparate Impact” Theory by disadvantaged minorities who opposed a racially discriminatory housing project. The case was on appeal to the high court when a nonprofit company offered to broker a settlement which would have mooted the case. To force a high court decision, Morgan senior management ordered its Executive to violate the fiduciary duty he owed as a Director of the non-profit by exerting pressure on the nonprofit to delay or stymie the proposed settlement. The Disparate Impact Theory could have been struck down by Supreme Court if the suit went forward with the greatest impact being felt by low-income minorities.
When Mr. Trotman refused to advance Morgan’s agenda, he was fired.
Mr. Trotman is being represented by Patricia Pierce and Ronald Greenblatt of the firm Greenblatt, Pierce, Engle Funt & Flores. email@example.com; firstname.lastname@example.org. Please feel free to contact them with questions.
Founded over 20 years ago as an aggressive criminal defense law practice, Greenblatt, Pierce, Engle, Funt & Flores (GPFF) is an established, full-service law firm with experienced attorneys skilled in all areas of state and federal criminal defense, employment law, civil litigation, and family law. The firm has offices in Pennsylvania and New Jersey. For more information on the firm or its attorneys, please see www.gpeff.com. For more information regarding this release, please contact Ronald Greenblatt at 215.735.1600.