JPMorgan Chase & Co. is setting aside $6 billion to cover potential litigation as it agrees to buy stricken Wall Street giant Bear Stearns for just $240 million. Following the announcement Sunday that it is buying the bank for a fraction of its previous value, JPMorgan said it is estimating the cost of the transaction at around $6 billion -- taking into account the potential of litigation stemming from the drop in Bear Stearn's stock value and severance costs.
March 17, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
JPMorgan Chase is setting aside $6 billion to cover potential litigation as it agrees to buy stricken Wall Street giant Bear Stearns for just $240 million.
Following the announcement Sunday that it is buying the bank for a fraction of its previous value, JPMorgan said it is estimating the cost of the transaction at around $6 billion — taking into account the potential of litigation stemming from the drop in Bear Stearns’ stock value and severance costs.
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