Martin Flumenbaum and Brad S. Karp, members of Paul, Weiss, Rifkind, Wharton & Garrison, review a dismissal of a securities class action against JPMorgan Chase where the court held that plaintiffs did not plead facts sufficient to prove scienter because they failed to link the Enron-related transactions at issue with an intent to defraud JPMorgan Chase's shareholders. Furthermore, the court ruled that any misrepresentations by JPMorgan Chase were immaterial because the transactions comprised only a minute part of its total assets, and would not have significantly altered the "total mix" of information available to investors.
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Second Circuit Review
New York Law Journal
February 25, 2009
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