J.P. Morgan Seeks $1.1-Billion Jury Award

J.P. Morgan Chase & Co.’s attorney urged a jury to order 11 insurers to pay $1.1 billion on defaulted energy trades involving Enron Corp. and to reject the underwriters’ claim they were defrauded by the No. 2 U.S. bank.

Attorney John Callagy summarized J.P. Morgan’s case after a monthlong trial over whether the insurers must honor surety bonds they refused to pay after Enron’s collapse last year.

The insurers claim they were tricked into backing loans between J.P. Morgan and Enron, which now is under bankruptcy protection, that were disguised as commodity trades with offshore entity Mahonia Ltd.