JPMorgan Owns a Chunk of a Gun Company. Now What? [Bloomberg Business News]
JP Morgan Chase & Co. (JPM)
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Source: Bloomberg Business News
JPMorgan Chase & Co. is now the reluctant part owner of Remington Outdoor Co. after a national debate over gun rights has led other companies to reconsider their relationships with the firearms industry. JPMorgan Asset Management, which handles client funds, was one of Remington's biggest lenders before its bankruptcy and bought the debt without knowing it would one day end up owning the company, one of America’s largest and most historic gunmakers. During the bankruptcy, JPMorgan supplied, along with Franklin Templeton, the $100 million loan to carry it through and out of the Chapter 11 process. The firearms sector has come under increased scrutiny since a mass shooting in Parkland, Florida, left 17 dead and sparked nationwide protests calling for gun control. There were renewed calls for gun control following a mass shooting at a Texas high school on May 18. Boycotts following the Florida shooting led a variety of companies to cut ties with the N
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