J.P. Morgan Reports Settlement with 10 of 11 Insurers in Surety Case

January 2, 2003

J.P. Morgan Chase & Co. announced it has settled its dispute with 10 of the 11 insurance companies regarding the surety contracts issued by those companies that guaranteed obligations of Enron Corp. to JPMorgan Chase under prepaid commodity forward contracts.

Under the agreement, the insurance companies will pay approximately 60 percent of the amount of the surety bonds they wrote.

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