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J.P. Morgan Chase & Co. has lost its bid to force insurance companies to immediately pay more than $1 billion in guarantees on oil and gas contracts that were defaulted on by Enron. Southern District of New York Judge Jed S. Rakoff found that 11 defendant insurance companies had raised a triable issue of fact on whether the contracts were part of a fraudulent scheme to help Enron disguise loans as assets.
March 05, 2002 at 12:00 AM
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The original version of this story was published on Law.Com
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