Former “London Whale” Boss Sued by JPMorgan Chase & Co.(NYSE:JPM)

The lawsuits slapped by companies on one another do not seem to end. The Apple-Samsung rival is making news all over the world not just for their cutting edge products but also due to their patent infringement lawsuits spanning across at least 10 countries. This time it is JPMorgan Chase & Co.(NYSE:JPM) that have taken the legal course of action.

The company has filed a lawsuit against boss of Bruno Iksil, the trader known as the London Whale. Monikers also referred to him as Voldemort due to his outsize position.The lawsuit is based on the grounds that the outsized derivatives positions, he took from the bank; cost them a whopping $6.2 billion. Javier Martin-Artajo, Iksil's immediate supervisor was announced as a defendant in the lawsuit that has been filed at London's High Court on October 22.

However, there has been no comment from a JPMorgan spokeswoman in New Yorkand details regarding the court filing will not be available for release till the defendant concedes to the claim.

The law firm Mishcon de Reya is representing Martin-Artajo. Greg Campbell, a partner at the firm has said that his client will be cleared of all charges after each and every detail and event has been analyzed and evaluated. Since JPMorgan has not been able to provide proofs that corroborate the allegations Martin-Artajo can begin the process of his defense. Campbelladds that his client is extremely unhappy of the bank unjustly accusing him for covering up the losses suffered by them and emphasizes that there was never any attempt to conceal losses as well.

Executives from JPMorgan had stated in July that steps would be taken to get back pay from supervisors and traders who are mixed up in the losses.

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Wells Fargo & Company (NYSE:WFC), JPMorgan Chase & Co.(NYSE:JPM) Posted record quarterly Net Income

Results from the country's two largest mortgage lenders showed that some positive sentiments may be returning to the housing market, though it is still debatable whether the trend is long term.

Wells Fargo & Company (NYSE:WFC) and JPMorgan Chase & Co.(NYSE:JPM) on Friday put out figures that showed a surge in home loans and record profits.

Wells Fargo said it issued $139 billion in mortgages from July through September, compared with $89 billion in the same period last year.

JPMorgan wrote $47 billion in mortgages, compared with $37 billion last year.

JPMorgan reported a profit of $5.3 billion in the third quarter, up 36 percent from the same period a year ago.

It worked out to earnings of $1.40 per share, surpassing the $1.21 predicted by analysts.

Revenue rose 6 percent to $25.9 billion, beating expectations of $24.4 billion. Besides the higher mortgage revenue, earnings of the bank were also helped by lower provisioning for bad loans, lower expenses while it also got revenues from higher credit card use and investment banking fees.

Wells Fargo reported a profit of $4.7 billion in the third quarter, up 23 percent from the same period a year ago. That translated into earnings of 88 cents per share, a penny higher than estimates.

Overall revenue rose 8 percent to $21.2 billion, slightly lower than analysts expected.

Shares in JPMorgan fell about 1 percent, losing 48 cents to $41.62, while Wells Fargo's stock fell more than 2 percent, losing 93 cents to $34.25.

The CEOs of both institutions said that the mortgage market had turned the corner and there were improvements every quarter.

However a good portion of the mortgage lending was due to owners refinancing mortgages and not due to fresh homes being bought.

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Top News: Clearwire Corporation (NASDAQ:CLWR) & JPMorgan Chase & Co. (NYSE:JPM)

Clearwire Corporation(NASDAQ:CLWR) canceled the appearance of Chief Financial Officer Hope Cochran who was to be present at the Deutsche Bank conference on Thursday. This gives credence to reports that the company is playing a significant role in the deal involving Softbank and Sprint Nextel, its major stakeholder as well as network partner. However, Clearwire gave no reason for the cancellation. The company controls huge chunks of spectrum in the U.S.

Clearwire shares went into a tizzy, up all of 70 percent on speculation that Softbank is interested in buying part or all of Sprint centers on Clearwire. Sprint has a 49 percent stake in Clearwire. This morning, the stock is volatile and was recent down 1.40%, off session high of $2.52.

Clearwire plans to launch a next generation network called TDD LTE. Japan based Softbank, the third largest wireless carrier in that country, is trying to build a similar high speed network.

Softbank is likely to invest billions of dollars in Sprint Nextel which would help the company to reduce debt as well as improve its balance sheet.

JPMorgan Chase & Co.(NYSE:JPM), the largest bank in the U.S. in terms of assets, has posted spectacular profits in the last quarter. On Friday, it said that its earnings for common shareholders were $5.3 billion, up 36 percent from the corresponding quarter last year. These earnings take into account the money to be paid to preferred shareholders. If this expense was excluded, the net income would have been even higher, $5.7 billion to be exact.

Earnings were $1.40 per share, much higher than analysts’ expectations of $1.21. Revenues rose by 6 percent to $25.1 billion against expectations of $24.4 billion.

The JP Morgan stock fell 57 cents and was trading at $41.52 recently.

In June this year, the stock had touched a low of $31 after the company disclosed a trading loss of $6 billion.

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Breakfast News: JPMorgan Chase & Co. (NYSE:JPM) & CVS Caremark Corporation (NYSE:CVS)

JPMorgan Chase & Co. (NYSE:JPM) on Friday reported a 34 percent rise in profit for the quarter to September, at a record $5.7 billion.

Its earnings were $1.40 per share, surpassing analyst forecast of $1.21 a share.

Revenue also rose to $25.1 billion, above forecasts of $24.4 billion.

The bank said that the bank had lesser provisioning for bad loans which helped in its reporting higher earnings. It made a provision of $1.8 billion for bad debts, which 26 percent lower than what it had set aside a year earlier.

Shares in the bank were up 39 cents at $42.49 in pre-market trades. 

Meanwhile, CVS Caremark Corporation(NYSE:CVS) has come under the scanner of U.S. regulators for allegedly refilling prescription and submitting insurance claims to Medicare without the approval from patients.

The Los Angeles Times reported on Friday that the Inspector General for the U.S. Department of Health and Human Services had launched an investigation into CVS Caremark's alleged fraudulent behaviour.

Reuters which followed up the story said that officials at the agency and CVS Caremark, the second-biggest U.S. drug store chain, could not be reached for comment outside regular U.S. business hours.

Medicare provides medical benefits for the elderly and disabled. In January CVS had agreed to pay $5 million to settle charges of inaccurate pricing of some drugs for the elderly and disabled.

Shares of CVS are down 1.50% to $47.60 in the pre-market session.

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