More Enron settlements roll in, with two more banks coming to terms. This pushes the Enron total toward (and perhaps beyond) $8 billion.

Via BusinessWeek.com:

JPMorgan, Toronto Dominion settle 'Megaclaims' suit

August 16, 2005
Business Week (AP)

Two banks agreed on Tuesday to pay at least $420 million to settle their parts of the "Megaclaims" lawsuit filed by Enron against 10 banks, alleging they "aided and abetted fraud" and could have prevented the energy trader's collapse.

JPMorgan Chase & Co. agreed to pay $350 million in cash to Enron while Toronto Dominion Bank agreed to pay $70 million. The companies also will forego certain claims in Enron's bankruptcy proceedings while agreeing to pay more money to Enron for the ability to pursue others.

Enron said the bankruptcy claims that are part of the JPMorgan settlement have a value of $660 million, and that the settlement with JPMorgan could reach up to $1 billion. Toronto Dominion agreed to forgo claims value at almost $56 million, while paying $60 million to allow claims valued at $320 million that the company transferred to third parties....

The full article, with additional details on the settlements, appears here.

-- MDT

Labels: Enron