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Wednesday, June 15, 2005

J.P. Morgan Settles Enron Suit ($2.2 billion)

J.P. Morgan pays $2.2 billion dollars in the settlement of Enron suit for doing nothing wrong as they say. Citigroup agreed to pay $2 billion to settle its suit. A large chunk of dollars to pay to "eliminate the uncertainties". What do you think?

J.P. Morgan Settles Enron Suit
TheStreet.com
By TSC Staff

6/14/2005 8:37 PM EDT

J.P. Morgan Chase (JPM) has agreed in principle to settle a pending federal class-action lawsuit brought on behalf of Enron security holders.

Under the terms of the settlement, J.P. Morgan will make a payment of $2.2 billion to the settlement class, the company said in a statement late Tuesday. Plaintiffs' attorneys' fees will be paid out of the settlement.

It's the second $2 billion settlement for J.P. Morgan, the nation's third-largest bank, in just three months. In March, the firm paid out that sum to aggrieved investors in WorldCom, the other poster child for this decade's corporate malfeasance.

The Enron settlement doesn't include any admission of wrongdoing by J.P. Morgan, which said it agreed to the settlement solely to "eliminate the uncertainties, burden and expense of further protracted litigation."

The suit claimed J.P. Morgan helped Enron falsify financial statements and hide debt, while the bank's analysts were issuing falsely positive and misleading reports, according to The Wall Street Journal.

Read further:
J.P. Morgan Settles Enron Suit

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