- The Washington Times - Thursday, January 2, 2003

NEW YORK, Jan. 2 (UPI) — Investment bank JP Morgan stated Thursday it reached a settlement with 10 of the 11 insurers it sued as a consequence of its dealings with collapsed energy giant Enron Corp.

The bank had differed with the insurance companies about contracts that guaranteed Enron's obligations to prepaid commodity forward contracts.

Liberty Mutual remains the sole insurance company not accepting the settlement.

Under the agreement, the insurers will pay about 60 percent of the surety bonds they wrote, JP Morgan announced in a statement.

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