J.P. Morgan Chase Objects to Insurers Seeing Enron Details

January 3, 2002

J.P. Morgan Chase has filed an objection to a request by insurers who have reportedly refused to honor $1.1 billion in surety bonds and are requesting access to Enron Corp. financial records to see if energy contracts actually existed.

According to a report in the Chicago Tribune, after demanding payment from insurance companies who backed the more than $1 billion worth of oil and gas contracts signed by Enron Corp., J.P. Morgan Chase is looking to prevent the insurers from obtaining details about the transactions. The request was filed in November in U.S. Bankruptcy Court in New York.

J.P. Morgan sought payment of the surety bonds after the collapse of Enron, the Houston-based energy trader that sought protection from creditors under Chapter 11 of the federal bankruptcy code Dec. 2.

Was this article valuable?

Here are more articles you may enjoy.