The owner of the former Bank One Corp. has agreed to pay shareholders $120 million to settle a five-year-old class action lawsuit.
J.P. Morgan Chase & Co., which acquired Bank One in a $58 billion deal last year, filed the agreement Tuesday in federal court in Chicago.
The lawsuit, filed in 2000, stemmed from Columbus, Ohio-based Banc One Corp.’s October 1998 merger with First Chicago NBD Corp., which created Bank One. Shareholders in the suit accused some former Bank One officers and directors of making misleading statements and omissions before the merger about the financial stability of First USA Bank, Bank One’s former credit card business.
For this complete story, please visit J.P. Morgan Chase Settles Bank One Lawsuit for $120 Million.
