J.P. Morgan named in Enron-related class action - Feb. 18, 2002

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News > Companies

Holders sue J.P. Morgan

February 18, 2002: 8:03 a.m. ET

Class action alleges company made misleading statement about Enron debt.

NEW YORK (CNN/Money) - J.P. Morgan Chase & Co.'s exposure to Enron Corp. debt has resulted in a class action suit filed by a firm specializing in such cases.

Los Angeles-based Glancy & Binkow LLP says it has brought suit against the financial services company in U.S. District Court in New York, alleging violations of federal securities laws. The firm says J.P. Morgan made "materially false and misleading statements" about its exposure to the bankrupt energy trader, saying the banking company's risk was far greater than disclosed.

The firm says the class represented in the suit covers those who bought the shares between Nov. 28 and Jan. 28. It is seeking to recover unspecified damages on behalf of the class members.

J.P. Morgan (JPM: Research, Estimates) shares closed Friday at $30.05, down 16 cents. The stock rose to an intraday high of $40.95 on Dec. 6, and were as low as $28.30 on Feb. 6.

The Wall Street Journal's online edition said J.P. Morgan officials weren't immediately available to comment on the suit Sunday.

Such class action lawsuits are common when companies' shares decline precipitously.

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