JPMorgan agrees to settle Enron claims for $2.2 billion

[JURIST] JPMorgan Chase [corporate website] agreed Tuesday to settle with investors by paying $2.2 billion to cover claims that shareholders were misled about Enron Corportation revenue because JPMorgan hid the company's debt. The announcement follows Citigroup's decision to settle [JURIST report] an Enron-related class-action lawsuit against them for $2 billion earlier this week. JPMorgan officials refused to say the settlement meant they were admitting any wrongdoing in the alleged fraudulent activities related to the Enron scandal. This settlement marks the largest for JPMorgan, which paid $2 billion earlier this year to settle with WorldCom shareholders [JURIST report]. Bloomberg has more.

 

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