You are here
Recommended reading at Gold-Eagle
J.P. Morgan says it will take $1.3 billion in charges
NEW YORK, Jan. 2 (Reuters) -- J.P. Morgan Chase amp; Co.
said on Thursday it would take about $1.3 billion pretax in
charges for litigation related to Enron Corp. and the global
research settlement announced late last month.
The New York-based bank said it would establish a $900
million reserve for costs of various private litigation and
regulatory inquiries involving Enron, including $80 million
for the research settlement.
It said it would also take a pretax charge of $400 million in
the fourth quarter, as part of its settlement on Thursday of
an Enron-related surety bond dispute with insurers.The
litigation reserve, after tax, would cut fourth-quarter earnings
by 30 cents a share, J.P. Morgan said.