The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:JPMorgan Drags its American Century Breakup Into Court Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, September 22, 2011

JPMorgan Drags its American Century Breakup Into Court

News summary by MFWire's editors

JPMorgan is not happy with American Century's deal with CIBC. In August the Canadian bank shelled out $848 million to buy the 41 percent stake in American Century that JPMorgan held, and now JPMorgan is attacking American Century in court.

American Century spokesman Chris Doyle confirmed that JPMorgan filed a sealed (i.e. kept secret from the public) complaint in Delaware Chancery Court. The court had JPMorgan refile a public, though redacted, version of the complaint yesterday. Bloomberg's Sophia Pearson reported on the news. According to Bloomberg, JPMorgan claims that American Century "failed to disclose material information regarding the sale," leading to a share purchase that wasn't at "fair market value."

"American Century improperly withheld information regarding the CIBC stock sale from JPMorgan's director designee on American Century's board," JPMorgan reportedly claims in the complaint.

A spokeswoman for JPMorgan declined to comment for this story.

American Century's Doyle hinted that the suit masks another JPMorgan beef with American Century, though he declined to reveal specifics for now.

"The allegation that American Century breached an option agreement with JPMorgan is without merit. The edited complaint filed yesterday in Delaware is inaccurate and incomplete We're confident that this matter will be resolved in our favor," Doyle told MFWire.com. "We believe JPMorgan filed that Delaware complaint as a tactical reaction to an adverse result JPMorgan suffered in another matter recently concluded in favor of American Century."

Doyle added that American Century does not believe the information redacted from the complaint is confidential.

"The heavily edited complaint removes information that reflects negatively on JPMorgan's conduct in the other matter," Doyle said. "We will soon be taking appropriate action to have the redacted information unsealed." 

Edited by: Neil Anderson, Managing Editor

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use