JP Morgan Chase is setting aside $6bn (£2.9bn) to cover potential litigation as it agrees to buy stricken Wall Street giant Bear Stearns for just $240m (£119m). Following the announcement on 16 March that it is buying the bank for a fraction of its previous value, JP Morgan said it is estimating the cost of the transaction at around $6bn - taking into account the potential of litigation stemming from the drop in Bear Stearn's stock value and severance costs.
March 18, 2008 at 09:33 AM
1 minute read
The original version of this story was published on Legalweek
JP Morgan Chase is setting aside $6bn (£2.9bn) to cover potential litigation as it agrees to buy stricken Wall Street giant Bear Stearns for just $240m (£119m).
Following the announcement on 16 March that it is buying the bank for a fraction of its previous value, JP Morgan said it is estimating the cost of the transaction at around $6bn – taking into account the potential of litigation stemming from the drop in Bear Stearn’s stock value and severance costs.
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