Bloomberg reports that JP Morgan Chase is seeking to prevent internal communications being introduced into evidence at a forthcoming high profile trial which might prejudice its case.
JP Morgan is suing eleven insurance companies who have refused to pay up almost $1bn claimed by the firm under a policy taken out in respect of its exposure to the Enron Corporation. The insurers claim that the Enron exposure was effectively loans, which were not covered under the insurance contract JP Morgan took out.
It now transpires that the investment bank is attempting to bar internal communications being introduced which describe the transactions at issue as 'disguised loans'. The basis of JP Morgan's argument remains unclear.
The firm is also attempting to exclude the testimony of industry oil and gas expert David Wilson, which is believed will not be helpful to its case.
John Callagy, an attorney for JP Morgan, has slammed the insurers, claiming: 'They signed a contract with us, they knew what the transactions were all about, and they should pay. It's very simple. They didn't misunderstand, they knew exactly what they were doing'.
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