Liability Risk and Insurance
Insurers’ countermove against JP Morgan Chase
On 21 June eleven insurers filed suit in federal court, New York, charging JP Morgan Chase with conspiring to conceal Enron’s
financial weakness. This a riposte to Morgan’s suit seeking US$1bn under insurer-issued surety bonds after Enron was declared
bankrupt and defaulted on sales contracts with its offshore operation, Mahonia.