DSteckler
02-04-2006, 08:46 PM
J.P. Morgan faces $2.2B bond fraud suit -- report (JPM) By Ruth Mantell
SAN FRANCISCO (MarketWatch) -- J.P. Morgan Chase & Co. (JPM) faces a $2.2 billion civil racketeering suit claiming that it defrauded bond investors and others over more than 20 years, according to a Reuters report. The suit, filed Tuesday in New York, seeks class-action status, the report indicated. The report added that the suit accuses J.P. Morgan of deleting records for $46.8 billion of bonds that investors had not cashed in, covering up its errors, refusing to pay back bondholders, and collecting fees it did not deserve.
SAN FRANCISCO (MarketWatch) -- J.P. Morgan Chase & Co. (JPM) faces a $2.2 billion civil racketeering suit claiming that it defrauded bond investors and others over more than 20 years, according to a Reuters report. The suit, filed Tuesday in New York, seeks class-action status, the report indicated. The report added that the suit accuses J.P. Morgan of deleting records for $46.8 billion of bonds that investors had not cashed in, covering up its errors, refusing to pay back bondholders, and collecting fees it did not deserve.