JPMorgan Sues Portugal-Owned Companies to Enforce Swaps
This article is for subscribers only.
JPMorgan Chase & Co. sued state-owned Portuguese companies running the Lisbon and Oporto metro rail services, as well as the country’s strategic oil reserves, to enforce derivative contracts worth at least 455 million euros ($587 million).
JPMorgan filed the lawsuits in London on April 26, the same day Portugal made a deal with other banks to reduce its 3 billion-euro exposure to derivatives entered into by state-owned firms. The government failed to reach an agreement with JPMorgan and Banco Santander SA’s Portuguese unit, and said it would sue to defend its interests.