On July 10, 2008, United States District Judge David H. Coar granted preliminary approval of the settlement of In re JP Morgan Chase & Co. Securities Litigation, Master Docket No. 06 C 4674 (N.D. Ill.). A final settlement hearing will be held before Judge Coar on October 30, 2008 at 10:00 a.m., in Courtroom 1419 of the United States District Court for the Northern District of Illinois, 219 South Dearborn Street, Chicago, Illinois, to determine whether the settlement should be approved by the Court. To view documents relating to the case and settlement, please click the ?JPMC/BANK ONE MERGER LITIGATION? link on the right.
The firm is lead counsel in this securities fraud class action against JP Morgan and certain of its officers and directors concerning the 2004 merger between JP Morgan and Bank One Corporation. The operative complaint alleges that defendants negligently failed to disclose in the proxy statement soliciting votes for the merger that, during the merger negotiations, William B. Harrison, the then-CEO of JP Morgan, rejected an offer from Jamie Dimon, the then-CEO of Bank One, to merge the companies for no premium if Mr. Dimon could become the CEO of the combined company immediately upon completion of the merger. If the Settlement is approved, JP Morgan will adopt and implement corporate governance measures that are tailored to address the types of disclosure and accountability issues raised by these allegations. The corporate governance reforms provide for: (i) early and meaningful oversight by the board of directors of JP Morgan, or a designated committee composed of independent board members, of any negotiations by the CEO of JP Morgan of potentially material corporate transactions requiring shareholder approval; and (ii) meaningful board involvement in the preparation of any proxy statements. These governance measures are to stay in effect for four years, subject to certain conditions, and, during the final year they are in effect, the board?s corporate governance committee, which is comprised only of non-management directors, is to decide whether to recommend they be kept in place longer.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal courts across the country. The firm has approximately 55 attorneys in various practice areas, and offices in New York City, Chicago, and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions, please contact Jeffrey G. Smith or Demet Basar of Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, at (212) 545-4600 or via e-mail at Smith@whafh.com or Basar@whafh.com.