JPMorgan Chase Bank v. Liberty Mutual Insurance Company

189 F. Supp. 2d 20 (2002)

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JPMorgan Chase Bank v. Liberty Mutual Insurance Company

United States District Court for the Southern District of New York
189 F. Supp. 2d 20 (2002)

Facts

JPMorgan Chase Bank (JPMorgan) (plaintiff) retained the law firm of Davis Polk & Wardwell (Davis Polk) to represent JPMorgan in connection with collecting on $183,000,000 in Enron surety bonds guaranteed by Federal Insurance Company (Federal) (defendant). Federal was the primary subsidiary of the Chubb Corporation (Chubb). Over 95 percent of Chubb’s total revenue came from Federal, and Chubb and Federal shared many of the same corporate officers. Chubb was also a longstanding and recurring client of Davis Polk. On December 11, 2001, Davis Polk filed a form with the Securities and Exchange Commission (SEC) on behalf of Chubb stating that Chubb owed approximately $220,000,000 in outstanding Enron surety-bond obligations. The same day, Davis Polk filed a lawsuit on behalf of JPMorgan against Federal demanding the owed surety-bond monies. Federal filed a motion to disqualify Davis Polk from representing JPMorgan.

Rule of Law

Issue

Holding and Reasoning (Rakoff, J.)

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