Issue Date: October 22, 2007
Fired Exec Wants JPMorgan Named in Dow Suit
Former Dow Chemical executive Romeo Kreinberg has filed a complaint in U.S. District Court in the Eastern District of Michigan against JPMorgan over its role in his dismissal from the company in April. According to Kreinberg's claim, JPMorgan was discussing a leveraged buyout of Dow Chemical, behind the back of Dow CEO Andrew N. Liveris, with the government of Oman and private equity groups before Kreinberg was fired for allegedly engaging in similar activities. He says JPMorgan executives showed up at a meeting in the U.K. between him and a consultant ostensibly about a Dow joint venture in Oman. At the meeting, the JPMorgan representatives asked Kreinberg how Dow would react to an overture, and he said that Dow would "circle the wagons." Kreinberg alleges that JPMorgan CEO Jamie Dimon, after an April 9 meeting with Liveris at a Midland, Mich., country club, fingered Kreinberg as a way to make amends to Dow for the firm's duplicity.
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