J.P. Morgan Chase & Co said on Tuesday that a London court ordered West LB AG to pay $165 million plus interest and costs to the US bank in an Enron-related suit.
J.P. Morgan said the suit pertained to a $165 million letter of credit that West LB had refused to honour because West LB considered it was part of a "fraudulent scheme" involving Enron Corp and the investment bank.
Justice Jeremy Cooke of the High Court of Justice in London issued a decision in favour of J.P. Morgan Chase and special purpose company Mahonia, rejecting all of West LB's allegations.
The court's decision requires West LB to pay $165 million, plus interest and costs. "We're extremely pleased that the English courts have upheld our claim in full in this important case and rejected West LB's accusations," said William McDavid, co-General Counsel, J.P. Morgan Chase.
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