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.
Topics Carriers
Was this article valuable?
Here are more articles you may enjoy.
UPS Ripped Off Seasonal Workers With Unfair Pay Practices, Lawsuit Alleges 
North Carolina Sting Operation Alleges Roofer Damaged Shingles to File Claim 
Icahn Money Manager Sues His Bosses and Bausch + Lomb Over Anti-White Bias 
More US Beef Plants May Close as Cattle Herds Keep Tightening 
