March 20, 2003
J.P. Morgan Chase & Co. said the Securities and Exchange Commission notified it that it may face disciplinary action for sharing profits with clients who received shares in initial public offerings arranged by the bank. J.P. Morgan, which paid a $6-million fine and was censured by the NASD in February for similar charges, said in a filing with the SEC that it told the commission discipline isn't warranted. Last month, the NASD said Hambrecht & Quist, a San Francisco-based securities firm that J.
August 1, 2002 |
Enron Corp.'s creditors' committee has asked a bankruptcy judge to force J.P. Morgan Chase & Co. to cooperate with the panel's probe of a series of controversial oil and gas trades. The transactions between Enron and Mahonia Ltd., a bank entity, have been scrutinized by congressional investigators and are the subject of a lawsuit in Manhattan federal court between J.P. Morgan and 11 insurers who guaranteed the trades with surety bonds.
December 31, 2002 |
New York bank J.P. Morgan Chase & Co. said it signed a seven-year contract for information technology services with IBM Corp. worth more than $5 billion as it moves to cut costs. The deal, the largest services contract IBM has received from the financial services sector, is a coup for the computer maker, which is focused on selling services. As a result of the agreement, J.P. Morgan said, it will transfer about 4,000 employees and contractors to IBM in the first half of next year.
January 1, 2003 |
J.P. Morgan Chase & Co.'s attorney urged a jury to order 11 insurers to pay $1.1 billion on defaulted energy trades involving Enron Corp. and to reject the underwriters' claim they were defrauded by the No. 2 U.S. bank. Attorney John Callagy summarized J.P. Morgan's case after a monthlong trial over whether the insurers must honor surety bonds they refused to pay after Enron's collapse last year. The insurers claim they were tricked into backing loans between J.P.
November 7, 2002 |
A federal judge ruled that J.P. Morgan Chase & Co. must go to trial to try to obtain almost $1 billion in disputed Enron Corp.-related surety bond payments from insurers, the bank said. Manhattan federal Judge Jed Rakoff denied the bank summary judgment in the case, which now goes to trial Dec. 2. J.P. Morgan sued 11 insurers after energy trader Enron went bankrupt and failed to deliver oil and gas to two of the bank's offshore trading units.
November 20, 2004 |
J.P. Morgan Chase & Co. and Bank of America Corp. publicly touted $10.1 billion in WorldCom Inc. bonds while privately lowering its credit rating and seeking to sell off some of their own stake in the company, a state pension fund that is suing the banks said.
October 17, 2002 |
J.P. Morgan Chase & Co.'s third-quarter net income plunged 91% as the second-largest U.S. bank wrote off more loans to telecommunications and cable companies and lost money in investment banking. Net income fell to $40 million, or 1 cent a share, from $449 million, or 22 cents, in the same period last year. J.P. Morgan's division that underwrites and trades securities and makes corporate loans lost $256 million.
July 21, 2004 |
J.P. Morgan Partners, the private equity arm of J.P. Morgan Chase & Co., is close to an agreement to buy the AMC Entertainment Inc. theater chain in a deal valued at about $1.4 billion, sources close to the situation said. Nearly every U.S. movie theater chain has filed for bankruptcy in the last decade, a result of aggressive building sprees that left them riddled with debt. But the recovering sector has been a hotbed for acquisitions in recent months. Shares of Kansas City, Mo.
April 19, 2002 |
The U.S. trustee in Enron Corp.'s bankruptcy case is reviewing a request to remove Citigroup Inc. and J.P. Morgan Chase & Co. from the committee representing the energy trader's creditors because of an alleged conflict of interest. Exco Resources Inc. told Trustee Carolyn S. Schwartz that the banks should be disqualified because the committee is responsible for returning the most money possible to Enron's creditors.