Business Services Industry
JP Morgan Chase Writes Off Legal Costs Associated with Enron, Share Research.
Knight Ridder/Tribune Business News, January, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Jan. 3--Investment bank JP Morgan Chase is writing off UKpound 500 million to cover legal costs relating to collapsed energy giant Enron and investigations in the US into tainted share research by analysts.
The bank said last night that it has settled a dispute over Enron with 11 US insurers, which have agreed to pay JPM a total of around UKpound 363 million, or 60 percent of its claim.
But it is writing off UKpound 163 million to cover the 40 percent shortfall. It is also taking a separate UKpound 375 million charge to cover other litigation costs, including the settlement of a probe into biased share advice by New York state attorney general Eliot Spitzer. The bank also faces a...
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