JPMorgan Sues American Century Over $848M Resale

Law360, New York (September 22, 2011, 4:07 PM EDT) -- JPMorgan Chase & Co. alleges in a suit unsealed in Delaware state court Wednesday that American Century Cos. Inc. breached an option agreement in connection with the recent repurchase and $848 million sale of JPMorgan's stake in the asset manager.

In August, American Century bought back JPMorgan's 40 percent share of the company and sold it to Canadian Imperial Bank of Commerce for $848 million in cash. The purchase price was set by independent adviser Duff & Phelps LLC in accordance with the option agreement struck...
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