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6/15/2005
In Advance of Litigation Comes Wave of Enron Related Settlements
In Advance of Litigation Comes Wave of Enron Related Settlements
Scheduled to go to trial in January 2006, the securities class action against disgraced energy firm, Enron has already illicited major multi-billion dollar financial settlements from two prominent financial firms.
Late last week Citigroup agreed to pay some $2 billion in Enron related settlements. Yesterday, J.P. Morgan agreed to a similar settlement amounting to 2.2 billion. The J.P. Morgan settlement was the sixth made in relation to the Enron bust and is being viewd as a catalyst for additional settlements.
Via the Chicago Tribune:
Several other financial firms are named in the pending suit, including: Barclays PLC, Credit Suisse First Boston, Merrill Lynch & Co., Toronto Dominion Bank, Royal Bank of Canada, Deutsche Bank AG and the Royal Bank of Scotland.
-- MDT
Late last week Citigroup agreed to pay some $2 billion in Enron related settlements. Yesterday, J.P. Morgan agreed to a similar settlement amounting to 2.2 billion. The J.P. Morgan settlement was the sixth made in relation to the Enron bust and is being viewd as a catalyst for additional settlements.
Via the Chicago Tribune:
"Citigroup was a substantial participant as a financial institution involved in Enron. ... This will have a salutary effect on the others," said William Lerach, the lawyer representing the University of California, which lost $144.7 million when Enron declared bankruptcy. He added: "We can't predict the future, we don't want to try and predict the future, but this development is obviously very favorable for our side of the case"...Full article here.
...The payment agreed to by Citigroup is more than four times the total of $491.5 million already received from deals with Lehman Brothers Holdings Inc., Bank of America Corp., Andersen Worldwide, Enron's outside directors and Enron's former vice chairman, Ken Harrison.
Several other financial firms are named in the pending suit, including: Barclays PLC, Credit Suisse First Boston, Merrill Lynch & Co., Toronto Dominion Bank, Royal Bank of Canada, Deutsche Bank AG and the Royal Bank of Scotland.
-- MDT
Labels: Enron
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