A federal judge has rebuffed investors in JPMorgan Chase who alleged they bought shares in the company out of regard for its “integrity and financial discipline” during the time it was aiding and abetting the massive Enron fraud.

“If plaintiffs’ allegations are borne out, it would be not they but the shareholders of Enron — the real victims of the energy giant’s collapse — who would be defrauded,” Southern District of New York Judge Sidney H. Stein said in dismissing a second amended complaint by the investors in In re: JP Morgan Chase Securities Litigation, 02 Civ. 1282.

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