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On September 6, 2011, the Louisiana Municipal Police Employees Retirement System filed a shareholder derivative action in the Southern District of New York against JPMorgan Chase Bank, N.A. (“JPMC”) and 11 of its officers and directors seeking repayment of an $88.3 million civil penalty paid by JPMC as part of its settlement with the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury for alleged violations of OFAC’s sanctions regulations
