A Brooklyn judge has rejected a bank’s request for $9,112 in costs for producing subpoenaed documents, calling the claim an example of the excess and greed among “fat cat bankers on Wall Street.”
JPMorgan Chase, a non-party in an action to confirm an arbitration award, sought 25 cents per page and $25 per hour for producing 18,248 pages of subpoenaed documents demanded by the petitioner.
In a blistering 11-page decision, Brooklyn Supreme Court Justice Arthur Schack granted JPMorgan Chase only $1,250.27, or about one-seventh of the amount the bank requested.
The judge quoted a recent interview of President Barack Obama on “60 Minutes” in which the president suggested that the greed of “fat cat bankers” played a role in the present recession.
“Clearly, Chase’s arbitrary $25.00 per hour … fee for the unsubstantiated 182 hours of research by person or persons unknown only helps to unjustly enrich ‘a bunch of fat cat bankers on Wall Street,'” Justice Schack wrote in Matter of Arbitration of Klein v. Persaud, 8007/09. “This Court is not a collection vehicle to further enrich already rich bankers.”
Schack called the bank’s CEO, James S. Dimon, the “fattest cat” at JPMorgan Chase, citing Dimon’s compensation of nearly $20 million in 2008.
Petitioner Abraham Klein initiated the underlying action to confirm a multimillion-dollar arbitration award against Christine Persaud and Caring Home Care Agency.
In July, Schack asked non-party JPMorgan Chase to submit an affirmation regarding its production expenses.
The bank claimed it provided Klein 18,248 pages of documents and requested $9,112 — $4,550 for locating and retrieving the documents and $4,562 for printing them.