UAW Pulling Its Funds From JPMorgan Chase

Thursday, 23 Sep 2010 02:01 PM

 

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The United Auto Workers plans to withdraw funds from JPMorgan Chase to protest the bank's foreclosure policies and a labor dispute at its customer RJ Reynolds, the union said Thursday.

JPMorgan Chase is one of the lead underwriters for a General Motors IPO that will let the U.S. government to start to sell its stake in the automaker that it guided through bankruptcy in 2009 with $50 billion of taxpayer funding.

A JPMorgan spokeswoman declined to comment. The UAW had no comment on the bank's role in the IPO.

The union said in a statement it was prepared to remove its funds from the bank to protest JPMorgan's refusal to declare a moratorium on foreclosures in Michigan and a labor dispute at RJ Reynolds, which has received financing from JPMorgan.

"Chase needs to help unemployed homeowners in Michigan and underpaid farm workers in the Carolinas," UAW President Bob King said in a statement. "The bank could make a huge difference by suspending foreclosures and pressuring RJ Reynolds to do the right thing."

A trust fund affiliated with the UAW holds 17.5 percent of GM common stock and is expected to sell some of that stake in the automaker's IPO. The U.S. Treasury owns 60.8 percent of GM's common stock.

© 2014 Thomson/Reuters. All rights reserved.

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