The firm obtained a judgment awarding $63 million in a suit in which American industrialist Len Blavatnik alleged that JPMorgan violated its obligations under agreed-upon investment guidelines, which in turn caused substantial losses. Mr. Blavatnik contended that instead of complying with the conservative guidelines, JPMorgan breached a 20% limit set for mortgage-backed securities by misclassifying securities backed by risky subprime loans as “asset-backed” rather than “mortgage-backed” securities. After a three-week bench trial, the Court rejected JPMorgan’s argument that it should not be liable on grounds that its classification of the risky subprime securities followed “industry practice.”