Credit Suisse Unit Shells Out $90M To Stop Enron Suit

Law360, New York (May 10, 2006, 12:00 AM EDT) -- Putting an end to Credit Suisse Group’s involvement in the “MegaClaims” litigation, a U.S. affiliate of the Swiss bank has decided to fork over $90 million to the bankruptcy estate of Enron Corp. to answer allegations stemming from the energy giant’s 2001 collapse.

News of the deal was announced earlier this week, with both parties expressing a desire to avoid the continued costs and the uncertainty connected with ongoing litigation.

“This settlement is further evidence of the proactive steps we continue to take to resolve the...
To view the full article, register now.