The Free Enterprise Action Fund, a $5.6m (€4.3m) US mutual fund that criticised Goldman Sachs' environmental policy earlier this year, has targeted JP Morgan, proposing in a letter that shareholders force the company to re-evaluate its lobbying priorities at next week's shareholder meeting.

In a letter to shareholders made public yesterday, Tom Borelli, an adviser to the fund, proposed that JP Morgan advocate litigation reform to reduce "unmeritorious" lawsuits that he said are a drain on the company's shareholder value instead of advocating environmental reform.