Losses & Lawsuits

Our monthly review of fraud management failure, human error and other operational hazards at financial firms around the world, distilled from the First database of operational risk loss events and case studies

JP Morgan

A group of institutional investors that purchased more than $2.7 billion of asset-backed securities issued by defunct National Century Financial Enterprises (NCFE), have filed lawsuits against JP Morgan and Bank One – both of whom served as indenture trustees for special purpose vehicles associated with the failed healthcare financer. Nine lawsuits filed against the banks – mostly in 2004 – have been consolidated in the Northern District of Ohio.

National Century Financial Enterprises

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