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J.P. Morgan Files Suits Against Enron

IN BRIEF/ ENERGY

December 28, 2002|From Reuters

J.P. Morgan Chase & Co. has filed two lawsuits against Enron Corp. to recover some $184 million it loaned for five power projects, according to court documents.

Separately, the New York bank filed several suits against power company Cogentrix Energy Inc. for what it said was improperly drawing down on J.P. Morgan credit lines for power projects.

All the suits are related to a $500-million letter of credit that J.P. Morgan issued to Enron in May 2001, seven months before Houston-based Enron collapsed.

Spokesmen for Cogentrix and Enron could not be reached.

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