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Lehman Notes 'Setback' for JP Morgan

Lehman Brothers notes a "significant setback" for JP Morgan 's (JPM).

Analyst Brock Vandervliet says a Federal judge dismissed a fraud claim by JP Morgan against 11 insurers to recover nearly $1 billion in losses on trades between Mahonia & Enron. He notes the news, combined with the potential for credit ratings downgrades, is a significant setback for JP Morgan. Vandervliet expects full disclosure from the bank shortly on earnings per share implications tied to this issue.

Vandervliet notes JP Morgan has not established a reserve to cover this type of loss. Despite the lowest valuation in group, he sees no catalyst for the shares. He maintains his equal-weight rating.

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