According to a Wall Street Journal report, 11 insurance companies claim in new legal documents that J.P. Morgan Chase & Co. allegedly worked to make Enron Corp. appear healthier than it actually was.
Based on legal documents filed late last week, the Journal reported that the decision was part of a move to blanket J.P. Morgan’s exposure to the energy firm. Among the insurers involved are Citigroup Inc.’s Travelers unit, Liberty Mutual Insurance Co., SAFECO, and St. Paul Fire & Marine Insurance Co.
The insurers reportedly will use the allegation defense in a legal battle to determine who will take on the more than $1 billion price tag to pay for Enron’s bad financing.
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