FleetBoston Settles Enron MegaClaims Litigation For $20M

Law360 (October 9, 2006, 12:00 AM EDT) -- FleetBoston Financial Corp. and several of its affiliates have agreed to pay Enron Corp. $20 million to settle allegations that the firm played a role in the colossal downfall of the now-bankrupt energy provider.

FleetBoston and Fleet National Bank, which were purchased by Bank of America in 2004, will cough up $10.4 million to bring an end to the lawsuit that alleged the bank failed to prevent Enron’s collapse.

The banks will pay an additional $9.35 million to settle an avoidance action relating to Enron’s commercial-paper...
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