JP Morgan Chase is set to follow Citigroup in agreeing to settle its share of the $30bn class action lawsuit brought by Enron shareholders.
The bank has ‘agreed in principle’ to offer $2.2bn (£1.2bn) to investors in the collapsed energy group, but is expected to neither admit nor deny any wrongdoing in the settlement.
Class action lawsuits were brought against JP Morgan Chase, Citigroup and 10 other Wall Street banks in the wake of Enron’s collapse in 2001 with huge undisclosed debts. They were accused of helping the company to hide losses and commit fraud.
JP Morgan Chase faced the same exposure to the Enron scandal as Citigroup but allegedly offered to pay out slightly more in order to hasten a settlement.
William Harrison, the firm’s chairman and chief executive said: ‘We are working hard to put the uncertainty of litigation risk behind us.’
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.