JPMorgan Chase & Co. Lands Cazenove Group plc In $1.7 Billion Buyout-Reuters
November 19, 2009 |
| Reuters reported that JPMorgan Chase & Co. is beefing up its European investment bank by buying the half of Cazenove Group plc it does not already own in a deal valuing the Cazenove at GBP2 billion ($3.4 billion). The deal will see David Mayhew remain Chairman of JPMorgan Cazenove and Chief Executive Naguib Kheraj overseeing the integration in a short-term role. JPMorgan bought half of Cazenove five years ago to create a UK investment banking joint venture, and as expected took up the option to complete the deal on Thursday. JPMorgan Cazenove will continue to operate under that name and become a wholly owned part of the U.S. bank's UK investment bank arm. JPMorgan will pay 535 pence per Cazenove share, valuing the 50% stake at GBP1 billion ($1.7 billion) and all of Cazenove at double that. |
JPMorgan Chase & Co. Set To Seal Cazenove Group plc Deal On Thursday-Reuters
November 18, 2009 |
| Reuters reported that JPMorgan Chase & Co. is likely to seal its purchase of the half of Cazenove it does not own for just under GBP1 billion ($1.7 billion) on Thursday. JPMorgan is expected to pay about 500 pence per Cazenove share valuing the 50% stake at GBP940 million and all of the Company at double that. JPMorgan bought half of Cazenove five years ago and created the JPMorgan Cazenove joint venture. |
JPMorgan Chase & Co. To Bid Over 500 Pence For Cazenove Stake-Reuters
November 16, 2009 |
| Reuters reported that, according to a report in the Sunday Telegraph, JPMorgan Chase & Co. will offer 500-525 pence per share to buy out the remaining 50% stake in stockbroker Cazenove. The deal, which is expected to be signed in the next few weeks, values the Queen's stockbroker at close to GBP2 billion pounds ($3.32 billion), according to figures close to the deal. Cazenove was valued at GBP700 million when JP Morgan bought 50% of the group in a deal in 2004. |
JPMorgan Chase & Co. Faces New Suit In Alabama County's Woes-NYT
November 16, 2009 |
| The New York Times reported that on Friday, Jefferson County sued JPMorgan Chase & Co., seeking additional relief on $3.2 billion in county sewer bonds the bank helped underwrite. Under the previous settlement, the county will receive $50 million and will not have to pay the bank $650 million in fees. The county, which includes Birmingham, accused JPMorgan of fraud and conspiracy in selling it several packages of debt and derivatives known as interest rate swaps that 'provided no value to the county or its citizens, and created an inherently flawed financial structure that imploded within just a few years.' Under the settlement with the Securities and Exchange Commission, announced earlier this month, the Company did not admit any wrongdoing. In its new lawsuit, against JPMorgan Chase, its securities division and others, the county cited many of the same details in the S.E.C. complaint, but asked the court to order JPMorgan and others to produce the supporting documents. The commission has extensively investigated Jefferson County's financial debacle but has not shared its evidence, as a matter of policy. The complaint said two employees of the Company's securities division, Charles E. LeCroy and Douglas W. MacFaddin, worked out a deal to pay rivals 'to stay out of the deal.' |
JPMorgan Chase & Co. Announces Delay of Third Quarter Financial Result Report for FY Ending December 2010
November 12, 2009 |
| JPMorgan Chase & Co. announced that it will not be able to meet the regulatory filing deadline of the third quarter financial result report for the fiscal year ending December 2009. The Company delayed the third quarter results report, which was supposed to release the report on November 16, 2009, due to the translation work of the report's Japanese version. The Company will release the third quarter results report to Ministry of Finance Japan, on December 9, 2009. |
Greylock Capital Management Selects JPMorgan Chase & Co. For Private Equity Fund Administration
November 9, 2009 |
| JPMorgan Chase & Co. announced that it has been appointed by New York-based Greylock Capital Management LLC to provide private equity fund administration. J.P. Morgan Private Equity Fund Services will provide Greylock Capital with a set of comprehensive services including fund and partnership accounting, capital call/distribution management, and investor tracking, along with investor relations support and treasury services. Tax compliance services, management and financial reporting, and waterfall/carry plan administration will also be provided. |
JPMorgan Chase & Co. To Pay $75 Million To Settle Muni Charges-Reuters
November 4, 2009 |
| Reuters reported that, according to the Securities and Exchange Commission, JPMorgan Chase & Co. will pay $75 million to settle charges in an unlawful payment scheme in the sewer financing of Jefferson County, Alabama. The agency said J.P. Morgan Securities will pay a penalty of $25 million and pay the county, which includes the city of Birmingham, $50 million. J.P. Morgan also will forfeit more than $647 million it claimed in termination fees on the swaps that left the county on the edge of bankruptcy. It is the second charge the SEC has brought in connection with the sewer derivatives and swaps. |
JPMorgan Chase & Co.'s Carbon Acquisition Company Ltd To Acquire Ecosecurities Group Plc
November 2, 2009 |
| Carbon Acquisition Company Ltd a wholly owned indirect subsidiary of JPMorgan Chase & Co. offer GBP 1.05 a share to acquire EcoSecurities Group Plc (EcoSecurities), a company in the business of sourcing, developing and trading emission reduction credits, has become wholly unconditional. Carbon Acquisition Company expects to complete the acquisition of EcoSecurities during December 2009. Upon completion of the transaction, it is expected that EcoSecurities will operate as an independent enterprise and its brand will be retained. |
Madoff Investors Sue KPMG, JPMorgan Chase & Co. And The Bank of New York Mellon Corporation-Reuters
October 21, 2009 |
| Reuters reported that some investors defrauded by epic swindler Bernard Madoff added accounting firm KPMG, JPMorgan Chase & Co. and The Bank of New York Mellon Corporation to a civil lawsuit in a New York court. The lawyer, who also named Oppenheimer Acquisition Corp, Massachusetts Mutual Life Insurance, Tremont funds founder Sandra Manzke and former Tremont Chief Executive Robert Schulman in the amended lawsuit, said the complaint was based on his law firm's prison interview with Madoff in July, months of investigation and interviews with former employees. |
JPMorgan Chase & Co.'s JPMorgan Chase Cap XXVII Sells $1.0 Billion In 30 Year Junior Sub Trups-Reuters
October 20, 2009 |
| Reuters reported that JPMorgan Chase Cap XXVII, a unit of JPMorgan Chase & Co. sold $1.0 billion of junior subordinated debenture trust preferred securities. JPMorgan was the sole bookrunning manager for the sale. |
JPMorgan Chase & Co. And Interros Group Set Up $1 Billion Russia Fund-Reuters
October 20, 2009 |
| Reuters reported that Vladimir Potanin and JPMorgan Chase & Co. are creating a $1 billion fund to invest in Russian companies and may attempt to take distressed assets off the hands of state banks. Vladimir Potanin's Interros group a 25% stakeholder in mining group Norilsk Nickel and JP Morgan fund Oone Equity Partners said in a joint statement that they would put $500 million each into the venture. The companies said the fund would invest in the consumer goods, manufacturing and services sectors. |
JPMorgan Chase & Co. Appointed Depositary Bank For Banco Santander (Brasil) S.A.
October 19, 2009 |
| JPMorgan Chase & Co. announced that it has been appointed depositary bank by Banco Santander (Brasil) S.A. (Santander Brasil), for its American Depositary Receipt (ADR) program. Santander Brasil trades on the New York Stock Exchange (NYSE) under the symbol BSBRand on the Sao Paulo Stock Exchange (BOVESPA) under the symbol SANB11. Shares began trading on the NYSE and on BOVESPA on October 7. |
PetroNeft Resources Plc Announces Holding Interest Of JPMorgan Chase & Co.
October 19, 2009 |
| PetroNeft Resources Plc announced that it was notified on October 19, 2009, that JPMorgan Chase & Co. has increased its shareholding to 23,600,497 ordinary shares of EUR0.10 each representing 6.74% of PetroNeft Resources' issued share capital. |
JPMorgan Chase & Co. Declares Preferred Stock Dividend
October 14, 2009 |
| JPMorgan Chase & Co. announced that it has declared a quarterly dividend on the outstanding shares of the Company's 8.625% Non-Cumulative Preferred Stock, Series J, in the amount of $215.6250 per share (which is equivalent to $0.53906 per related Depositary Share). The dividend is payable on December 1, 2009, to stockholders of record at the close of business on November 2, 2009. |
Eolas Technologies Inc. Files Infringement Lawsuit Against JPMorgan Chase & Co. And Others
October 6, 2009 |
| Eolas Technologies Inc. announced a Texas federal lawsuit filed to assert the company's intellectual property rights based on two patents, including one that has passed two separate reexaminations at the United States Patent and Trademark Office (USPTO) and resulted in a $565 million federal court judgment in 2004. The lawsuit, filed in the U.S. District Court for the Eastern District of Texas, includes claims related to two Eolas patents, U.S. Patent No. 5,838,906 (906 Patent) and U.S. Patent No. 7,599,985 (985 Patent). The companies named as defendants include Adobe Systems, Amazon.com; Apple Inc.; Argosy Publishing Inc.; Blockbuster Inc. ; CDW Corp.; Citigroup Inc.; eBay Inc.; Frito-Lay Inc. (a subsidiary of Purchase, PepsiCo Inc.); The Go Daddy Group Inc.; Google Inc.; J.C. Penney Co. Inc.; JPMorgan Chase & Co.; New Frontier Media Inc.; Office Depot Inc.; Perot Systems Corp.; Playboy Enterprises International Inc.; Rent-A-Center, Inc.; Staples, Inc.; Sun Microsystems Inc.; Texas Instruments ; Yahoo! Inc.; and YouTube LLC, a subsidiary of Google Inc. |
US Judge Approves Tech Stocks IPO Settlement Against 55 Underwriters Including JPMorgan Chase & Co.-Reuters
October 6, 2009 |
| Reuters reported that US judge gave final approval for payment of $510 million to shareholders who sued over allocation of initial public offerings (IPO) during 1990s Internet stocks boom, but amount is far less than they sought. The opinion by Manhattan federal court Judge Shira Scheindlin settles 309 lawsuits that were part of class action against 55 underwriters and hundreds of issuers, corporate officers filed in 2001. Scheindlin awarded lawyers for shareholders about $170 million, a third of the net settlement fund of $510 million. In court filing last month, objectors to settlement said lawyers had sought one-third of the gross settlement of $586 million, or about $195 million. The judge said although lawyers obtained large gross settlement fund, the results, in general, are disappointing. Class members are expected to receive only $0.01 on each dollar lost and settlement based on much smaller class and lower expected damages than sought when the litigation began, opinion said. Underwriters include, Goldman Sachs Group Inc, Citigroup Inc., Bank of America Corporation's Merrill Lynch and Morgan Stanley, Credit Suisse Group AG and JPMorgan Chase & Co. Shareholders accused underwriters of making the allocation of IPO shares on the condition of certain aftermarket purchase agreements, paying inflated brokerage commissions or improperly using research analysts. This included encouraging analysts to set unrealistic price targets for IPO shares, according to court documents. |
Judge Rules Bank of America Corporation Suit Over JPMorgan Chase & Co.'s Bear Loss Can Proceed-Reuters
October 1, 2009 |
| Reuters reported that a federal judge said Bank of America Corporation may pursue a lawsuit accusing former Bear Stearns Cos managers Ralph Cioffi and Matthew Tannin of lying in an attempt to prop up two failing hedge funds. A U.S. district judge in Manhattan on Wednesday let the Company pursue fraud and contract claims against JPMorgan Chase & Co, which now owns Bear, and the other defendants over transactions involving billions of dollars, court records show. Two other claims were dismissed, the records show. Cioffi and Tannin are scheduled to go on trial October 13 in a Brooklyn, New York, federal court for alleged fraud over their handling of the hedge funds, whose 2007 collapse helped lead to Bear's demise the following year. In its complaint, Bank of America said it suffered 'significant losses' on transactions because of Bear's having concealed that the funds were suffering substantial withdrawal demands in the spring of 2007 and faced imminent collapse. It said it lost money on a $4 billion securitization tied to complex mortgages it created at Bear's request, and on nearly $1 billion of financing the hedge funds raised from the bank because they were 'desperate to secure liquidity.' Bank of America sought compensatory and punitive damages. |
Royal Bank of Canada To Acquire JPMorgan Chase & Co.'s Third Party Registered Investment Advisor Servicing Business
September 29, 2009 |
| Royal Bank of Canada (RBC) and JPMorgan Chase & Co. announced the signing of a definitive agreement pursuant to which RBC will acquire JP Morgan's Third Party Registered Investment Advisor (RIA) Servicing Business (IAS). Details of the transaction were not disclosed. The acquisition is expected to close in the second quarter of 2010. |
JPMorgan Chase & Co. Reshuffles Leadership In Succession Clue-Reuters
September 29, 2009 |
| Reuters reported that JPMorgan Chase & Co.'s Chief Executive Officer (CEO) Jamie Dimon said he is starting to look for a successor, and he named Jes Staley, current head of the Company's asset management unit, to the key post of investment bank CEO. Dimon is not expected to leave any time soon. But as the easing of the financial crisis gives him time to think about the future, and as bank regulators step up scrutiny of banks' governance, he joins other Wall Street banks in firming up succession plans. JPMorgan stopped short of saying Staley had been selected to succeed Dimon. |
JPMorgan Chase & Co. Decreases its Shareholding in DNO International ASA
September 28, 2009 |
| DNO International ASA announced that JPMorgan Chase & Co. (JPMCC) has decreased its total holding in the share capital of DNO International ASA. This is a result of its subsidiary JPMorgan Asset Management (UK) Limited, acting in its capacity as a discretionary investment manager for underlaying funds, decreasing its holding to 39,017,850. The threshold crossed on September 24, 2009 was 5%. |
JPMorgan Chase & Co.'s Carbon Acquisition Company Increases Offer For EcoSecurities Group PLC
September 23, 2009 |
| The Board of Carbon Acquisition Company Ltd, a wholly owned indirect subsidiary of JPMorgan Chase & Co., announced that it is increasing the offer price for EcoSecurities Group plc. Increased offer is GBP1.05 per share of the Company. The Increased Cash Offer values the entire issued and to be issued share capital of the Company at approximately GBP129.1 million. |
JPMorgan Chase & Co. Introduces New Lockbox Remote Capture Receivables Solution
September 22, 2009 |
| JPMorgan Chase & Co. announced the introduction of its Virtual Remit solution, a new lockbox remote capture capability that enables clients to capture and transmit remittance data and images directly from their desktop with a single scanning device that accepts U.S. denominated checks, coupons, envelopes and full size documents. |
JPMorgan Chase & Co. And Cazenove Close To Buyout Terms-DJ
September 20, 2009 |
| Dow Jones reported that Senior management at Cazenove and JPMorgan Chase & Co. are close to agreeing a price for the London City firm, which could see JPMorgan Chase & Co. buy out the joint venture before the end of the year, the Independent reported. |
JPMorgan Chase & Co. Declares Common Stock And Preferred Stock Dividend
September 16, 2009 |
| JPMorgan Chase & Co. announced that it has declared a quarterly dividend of $0.05 per share on the outstanding shares of the Company's common stock. The dividend is payable on October 31, 2009, to stockholders of record at the close of business on October 6, 2009. The Company also declared a dividend on the outstanding shares of each of the following preferred stock issues: 6.15% Cumulative Preferred Stock, Series E - $3.075 per share (equivalent to $0.76875 per Depositary Share); 5.72% Cumulative Preferred Stock, Series F - $2.86 per share (equivalent to $0.715 per Depositary Share); 5.49% Cumulative Preferred Stock, Series G - $2.745 per share (equivalent to $0.68625 per Depositary Share); Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series I - $395.00 per share (equivalent to $39.50 per Depositary Share). The dividends for the Preferred Stock Series E, F and G are payable on October 15, 2009, and the dividends for the Preferred Stock Series I are payable on October 30, 2009, in each case to stockholders of record at the close of business on September 30, 2009. |
JPMorgan Chase & Co.'s Chase Introduces Blueprint
September 15, 2009 |
| Chase Card Services, a division of JPMorgan Chase & Co. announced Chase Blueprint, a set of features that improves the way customers can manage their spending and borrowing. |
JPMorgan Chase & Co. Declares Common Stock And Preferred Stock Dividend
September 15, 2009 |
| JPMorgan Chase & Co. announced that it has declared a quarterly dividend of $0.05 per share on the outstanding shares of the Company's common stock. The dividend is payable on October 31, 2009, to stockholders of record at the close of business on October 6, 2009. The Company also declared a dividend on the outstanding shares of each of the following preferred stock issues: - 6.15% Cumulative Preferred Stock, Series E - $3.075 per share (equivalent to $0.76875 per Depositary Share) - 5.72% Cumulative Preferred Stock, Series F - $2.86 per share (equivalent to $0.715 per Depositary Share) - 5.49% Cumulative Preferred Stock, Series G - $2.745 per share (equivalent to $0.68625 per Depositary Share) - Fixed to Floating Rate Non-Cumulative Preferred Stock, Series I - $395.00 per share (equivalent to $39.50 per Depositary Share). The dividends for the Preferred Stock Series E, F and G are payable on October 15, 2009, and the dividends for the Preferred Stock Series I are payable on October 30, 2009, in each case to stockholders of record at the close of business on September 30, 2009. |
JPMorgan Chase & Co. Prices $1.5 Billion Five Year Notes Yield 3.744%; Treasurys +1.35-DJ
September 15, 2009 |
| Dow Jones reported that JPMorgan Chase & Co. has priced a $1.5 billion offering of senior notes in a self-led deal. Maturity date is October 20, 2015, coupon is 3.70%, issue price is 99.788, yield is 3.744% and settlement date is September 18, 2009 (flat). |
JPMorgan Chase & Co. Launches $1.5 Billion 5.25 Year Note Offering-DJ
September 15, 2009 |
| Dow Jones reported that JPMorgan Chase & Co. launched a $1.5 billion debt offering. The 5.25-year senior notes were launched at a spread of 135 basis points over Treasurys. The issue is expected to price later. Final maturity is scheduled for January 15, 2015. |
Austar United Communications Limited Announces Holding Interest Of JPMorgan Chase & Co.
September 15, 2009 |
| Austar United Communications Limited announced that JPMorgan Chase & Co. and its affiliates holds 62,928,561 ordinary shares representing 5.02% issued share capital of the Company. |
JPMorgan Chase & Co. Creates Integrated Prime Brokerage and Custody Group
September 9, 2009 |
| JPMorgan Chase & Co. announced the formation of the Prime-Custody Solutions Group, a team responsible for delivering the firm's integrated prime brokerage and custody platform to clients. The unit will serve hedge funds and asset managers seeking a combination of prime brokerage capabilities and securities services. |
Ramelius Resources Limited Announces Ownership Interest Of JPMorgan Chase & Co. And Its Affiliates
August 31, 2009 |
| Ramelius Resources Limited announced that JPMorgan Chase & Co. and its affiliates holds 11,046,087 shares representing 5.04% stake in Ramelius Resources. |
Recent News