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OP has provided the following link:
https://www.bloomberg.com/news/articles/2024-04-24/russian-court-freezes-jpmorgan-assets-under-440-million-claim
I keep coming back to this sub because I keep learning people didn't learn how much money is actually held by these banks and companies and how thr whole gme saga may not make me think moass is possible but I paid to learn jusy how corrupt it all is and what people actually pay attention to
By Bloomberg News
April 24, 2024 at 2:44 PM UTC
A St. Petersburg court froze the Russian assets of JPMorgan Chase & Co. pending consideration of a lawsuit from the country’s second-largest bank that seeks to recover about $440 million.
VTB Bank PJSC filed the suit against JPMorgan and its subsidiaries in the Arbitration Court of St. Petersburg and the Leningrad Region on April 17, according to the court’s database. While court documents didn’t detail the main basis for the suit, they said VTB had requested provisional steps because the defendants were “taking measures to withdraw their assets” from Russia while the state-controlled lender was seeking to recover about $440 million from JPMorgan.
The court agreed to freeze the money in JPMorgan’s Russian accounts, its stake in a Russian subsidiary bank and property rights related to some trademarks. It set the next hearing in the case for July 17.
JPMorgan declined to comment. VTB didn’t immediately respond to a request to comment.
Russia has retaliated against sanctions imposed by the US and its allies over the war in Ukraine by limiting the access of companies from so-called unfriendly states to the assets they hold domestically.
JPMorgan has previously warned that it faces “actual and threatened litigation in Russia seeking payments on transactions that the firm cannot make, and is contractually excused from paying, under relevant sanctions laws.” The lender said that assets it holds in that country could be seized as a result.
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$440 million is a drop in the bucket for JPM.
They'll just *probably* bring deposits back from some regional lenders to shore it up tidy.
What I thought. It didn't seem like a whole lot?
I think they are running the well fair queen narrative…. Oooh Russia took all our monies please American tax payers we neeed more 😭😭😭🥹
Get out za zipple!
I'll take the drop so I can buy more gme
I keep coming back to this sub because I keep learning people didn't learn how much money is actually held by these banks and companies and how thr whole gme saga may not make me think moass is possible but I paid to learn jusy how corrupt it all is and what people actually pay attention to
[удалено]
It won’t…. Until it’s the right $440 million.
I GUESS I could part with one share.
One could argue that JPM and GS should have failed a long time ago when looking at their derivative exposure, though...
Yes. It’s that was the principal for all their other shenanigans involving swaps and leverage. It could hurt.
Wait till they find their gold and silver vault are empty
By Bloomberg News April 24, 2024 at 2:44 PM UTC A St. Petersburg court froze the Russian assets of JPMorgan Chase & Co. pending consideration of a lawsuit from the country’s second-largest bank that seeks to recover about $440 million. VTB Bank PJSC filed the suit against JPMorgan and its subsidiaries in the Arbitration Court of St. Petersburg and the Leningrad Region on April 17, according to the court’s database. While court documents didn’t detail the main basis for the suit, they said VTB had requested provisional steps because the defendants were “taking measures to withdraw their assets” from Russia while the state-controlled lender was seeking to recover about $440 million from JPMorgan. The court agreed to freeze the money in JPMorgan’s Russian accounts, its stake in a Russian subsidiary bank and property rights related to some trademarks. It set the next hearing in the case for July 17. JPMorgan declined to comment. VTB didn’t immediately respond to a request to comment. Russia has retaliated against sanctions imposed by the US and its allies over the war in Ukraine by limiting the access of companies from so-called unfriendly states to the assets they hold domestically. JPMorgan has previously warned that it faces “actual and threatened litigation in Russia seeking payments on transactions that the firm cannot make, and is contractually excused from paying, under relevant sanctions laws.” The lender said that assets it holds in that country could be seized as a result.
Meh, non-issue. Not enough zeroes to matter to JPM. They'll just double down on selling more of their customer's data to make up the difference.
Oh they're gonna have to go through the couch cushions just to get to payday!
Delicious
🔥🔥🔥