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Case Status:    DISMISSED    
On or around 03/29/2007 (Date of order of final judgment)

Filing Date: February 15, 2002

On April 26, 2007, the plaintiffs filed an appeal from the March 29, 2007 Memorandum and Opinion and Clerk’s Judgment which granted the defendants’ motion to dismiss the Second Amended Complaint with prejudice. The appeal is currently pending in the U.S. Court of Appeals for the Second Circuit.

According to a press release dated March 30, 2007, a Manhattan federal judge has dismissed a class-action lawsuit accusing JPMorgan Chase of helping Enron hide fraud. The plaintiffs asserted that they bought JPMorgan stock based on the bank’s reputation for integrity and financial discipline, when in fact the company was helping Enron, a major client, hide billions of dollars of debt. In a ruling released yesterday, Judge Sidney H. Stein said the plaintiffs failed to show that JPMorgan deceived them by playing down its exposure to Enron or overstating its own reputation for integrity. Judge Stein dismissed the complaint with prejudice, meaning the plaintiffs cannot raise their assertions again. He had dismissed an earlier complaint in March 2005, but allowed the plaintiffs to refile their case. A lawyer for the plaintiffs did not immediately return a call seeking comment. A JPMorgan spokesman, Adam Castellani, declined to comment. JPMorgan agreed in June 2005 to pay $2.2 billion to resolve a class-action lawsuit by former Enron investors over the energy trader’s 2001 collapse. It has also agreed to pay $350 million in separate litigation brought by Enron’s liquidators.

On June 28, 2005, a Second Amended Complaint was filed by the plaintiffs against the defendants.

According to a press release dated March 30, 2005, JP Morgan Chase won an important victory in a securities fraud case arising from its dealings with Enron. In a 61-page opinion dated Monday, Southern District of New York Judge Sidney Stein granted JP Morgan's motion to dismiss a securities class action brought by the bank's shareholders. Judge Stein concluded that plaintiffs failed to meet the standard of proof required in a securities class action and dismissed the claims.

The Complaint charges JP MORGAN with violations of federal securities laws. Among other things, plaintiff claims that defendant's material omissions and the dissemination of materially false and misleading statements caused JP MORGAN's stock price to become artificially inflated, inflicting enormous damages on investors. More specifically, on the first day of the Class Period, JP MORGAN recklessly issued a public statement which did not fully disclose its risk and loss exposure related to its transactions and dealings with the Enron Corporation, the company notorious for its financial collapse. At the time, JP MORGAN listed its total exposure in this regard at approximately $900 million. JP MORGAN later announced that, in fact, its total Enron related exposure was actually about $2.6 billion, or almost three times the earlier figure. Shortly thereafter, J.P. Morgan wrote down $1.13 billion in nonperforming assets, specifically related to losses generated by its dealings with Enron.

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: JPM
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 02-CV-1282
JUDGE: Hon. Sidney H. Stein
DATE FILED: 02/15/2002
CLASS PERIOD START: 11/28/2001
CLASS PERIOD END: 01/28/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR)
    P.O. Box 25438, Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR), AR 72221-5438
    501.312.8500 501.312.8505 ·
  2. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  3. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
  4. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  5. Lovell Stewart Halebian LLP (former New York)
    500 Fifth Avenue, Lovell Stewart Halebian LLP (former New York), NY 10110
    212.608.1900 212.719.4677 · info@lshllp.com
  6. Much Shelist Freed Denenberg Ament & Rubenstein, PC

    800-470-6824 312-621-1750 ·
  7. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  8. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  9. Schoengold & Sporn PC (New York)
    233 Broadway 39Th Floor, Schoengold & Sporn PC (New York), NY 10279
    212.964.0046 ·
  10. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  11. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
  12. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 02-CV-1282
JUDGE: Hon. Sidney H. Stein
DATE FILED: 06/28/2005
CLASS PERIOD START: 11/08/1999
CLASS PERIOD END: 07/23/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman Sobol Shapiro LLP (Seattle)
    1301 Fifth Avenue, Suite 2900, Hagens Berman Sobol Shapiro LLP (Seattle), WA 98101
    206-623-7292 206-623-0594 · info@hagens-berman.com
  2. Hagens Berman, LLP
    1301 Fifth Avenue Suite 2900, Hagens Berman, LLP, WA 98101
    206.623.7292 · info@hagens-berman.com
  3. Lovell & Stewart LLP (New York)
    500 Fifth Avenue, Lovell & Stewart LLP (New York), NY 10110
    212.608.1900 212.719.4677 · sklovell@aol.com
  4. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  5. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date