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 Corporation.
Southern District Judge Jed S. Rakoff found that 11 defendant insurance companies had raised a triable issue of fact on whether the contracts and other arrangements between Enron and a J.P. Morgan affiliate, Mahonia Limited, were part of a fraudulent scheme to help Enron disguise loans as assets.
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