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Stockholders vs. J.P. Morgan Chase
Home » General Law » Class Action Lawsuits » Stockholders vs. J.P. Morgan ChaseA class action lawsuit has been filed by stockholders of J.P. Morgan Chase stock against J.P. Morgan Chase along with certain company executives. J.P. Morgan Chase is one of the world's largest banks and securities firms. The class action suit alleges that on November 28, 2001 the company engaged in issuing false public statements that were not forthcoming about the company's affiliation with the Enron Corporation or the possibility of negative exposure or losses due to the company's dealings in relation to the Enron Corporation. In the initial public statement J.P. Morgan Chase listed that possible losses and exposure dealing with the Enron Corporation at being approximately $900 million. In a later statement a company spokesperson restated that total figure regarding J.P. Morgan's loss and exposure relating to Enron was closer to $2.6 billion which is three times more than their first statement claimed. Stockholders claim that the false public statements caused J.P. Morgan Chase's stock to rise artificially and are seeking compensatory damages for the loss of value in their stock holdings.
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