After the sale of Bank One Corp., several lawsuits were filed by J.P. Morgan Chase & Co. shareholders arguing that the bank overpaid for Bank One.
If Bank One’s own history with such litigation is any indication, it could be a long time before the matters are settled. The bank still hasn’t settled all the lawsuits that resulted from some its mergers in the late 1990s.
This month, U.S. Magistrate Morton Denlow turned down an effort by Bank One to keep documents in one of those lawsuits sealed. The lawsuit was brought by shareholders in First Chicago NBD Corp. who exchanged their stock for shares in what was then known as Banc One Corp.
Plaintiffs in the case pushed to unseal the documents in the interest of public disclosure, said Charles Watkins, an attorney with Susman & Watkins in Chicago who represents some of the plaintiffs. The public pays for the courts and should have access to what happens there, he said.
“This is also a class action, and there are thousands of investors out there who have an interest in this,” he said.
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A spokesman for J.P. Morgan Chase, which now owns Bank One, declined to comment.
In documents filed in U.S. District Court in Chicago last month, Bank One attorneys argued that hundreds of thousands of documents filed in the case “form the basis of a credit card company’s ability to compete and to attract and retain customers.” Although some the material is from 1997 and 1998, “its continued relevancy to and use by the bank’s current credit card divisions is undisputed.”
Rather than containing crucial trade secrets, the documents “have become politically stale yet remain historically significant,” Denlow said in his ruling. While they were once “financially sensitive and proprietary,” the time has come “to permit the public to enjoy the right of free access to which it is entitled,” he wrote.
More Google investments: The Chicago Board Options Exchange and International Securities Exchange will each offer options on Google Inc. stock starting Friday. The International Securities Exchange, a CBOE competitor, has also announced plans to offer Google options.
Last Friday, OneChicago, the single-stock futures exchange, began listing September, October, December and March futures contracts on Google stock. The listing is the 26th OneChicago has added this summer.
CBOT renovation begins: The Chicago Board of Trade building, the historic structure that sits in the heart of Chicago’s financial district, is preparing for a major facelift.
The building, which will celebrate its 75th anniversary next year, is being prepared for a renovation, according to a memo recently given to tenants.
The multimillion-dollar effort includes the restoration of the lobby, facade renovation, and cleaning and modernization of the elevators.
Most work will be completed over 18 months, with the modernization of the elevator system taking longer because of the need to leave some elevators in operation while work on others is under way.
There also are new security measures visible outside the building. Concrete barriers were recently added to prevent vehicles from getting too close. Decorative planters that will also prevent access are planned, said Kevin Lennon, vice president of real estate operations for the CBOT.
“Obviously, it’s in response to 9/11 and the recent warnings to financial institutions,” he said. “But I want to emphasize that we have no knowledge of any specific threats.”