Argentina Hits JPMorgan, Clarin With Securities Suit

Law360, New York (July 8, 2010, 3:43 PM EDT) -- JPMorgan Chase & Co. and Argentine media company Grupo Clarin have reportedly been slapped with an Argentine government lawsuit alleging they manipulated stock prices by failing to disclose certain information.

The suit was brought in Argentine court by the Financial Information Unit on Wednesday and was based on revelations from Hernan Arbizu, an Argentine citizen and former JPMorgan executive who has been indicted for embezzlement, according to newspapers La Nacion and Pagina 12.

The suit claims that Grupo Clarin's shares fell sharply in 2007, adversely affecting...
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